The Japanese Yen Moved higher versus the US Dollar as concerned FX traders sought out the safe haven currency. Markets are growing increasingly worried that Donald Trump and his administration will continue to shift toward a more protectionist stance. Yesterday, the President attempted to impose export tariffs on China. As a result, investors have looked to safe haven assets, and specifically the Japanese Yen, given the country’s solid current account surplus
As reported at 9:55 am (GMT) in London, the USD/JPY was trading at 105.95 Yen, a loss of 0.35%, and off the session low of 105.786 Yen, while the peak is at 106.361 Yen. The EUR/JPY is trading at 131.0078 Yen, down 0.4106% while the GBP/JPY is trading at 147.73642 Yen, down 0.48076%.
Central Banks Maintain Loose Stance
In Norway, the Norwegian Krone moved higher after the central bank kept rates unchanged at the current 0.5% but said in its statement that a rate hike could come sooner than the December increased previously expected. The Swiss National Bank also decided to maintain the status quo as it relates to their monetary policy, in line with analysts’ predictions. The EUR/NOK was trading lower at 9.49711 Norwegian Krones, down 0.70398%. Meanwhile, the EUR/CHF was trading higher at 1.16897 Swiss Francs, a gain of 0.0019%.