Earlier, the US Dollar came under pressure following the latest release of economic data which showed unexpectedly weak retail sales figures. Retail sales for September (on a month-over-month basis), excluding auto sales, fell to -0.1%, well below the 0.3% predicted. Overall retail sales also fell in September, with a reading of 0.1% against a forecast of a rise to 0.5%. Albeit briefly, safe haven currencies were the main beneficiary with the Japanese Yen moving higher before a sentiment shift.
As reported at 11:02 am (JST) in Tokyo, the USD/JPY was trading at 112.014 Yen, up 0.21% and moving off the session trough of 111.735 Yen. The EUR/JPY was trading at 129.806 Yen, a gain of 0.27%; the pair has ranged from 129.4350 Yen to 129.8330 Yen.
Growing tension between Saudi Arabia and the West, and continuing concerns that a Brexit deal won't be worked out, have also been providing some support to safe haven assets. Analysts say that, in the short term, geopolitical tensions are going to be the key catalyst for the Japanese Yen. The Brexit worries have, naturally, weighed on the Pound Sterling with the GBP/USD trading at $1.32, down 0.02% while the EUR/GBP is trading at 0.8808 Pence, up 0.06%.