The Japanese Yen was broadly higher during Asian trade on Monday after the weekend's G7 meeting failed to improve the trade war situation. The ongoing trade dispute between the Trump administration and the Chinese government took a turn for the worse which dented investor confidence and suggested a worsening outlook of the global economy.
As reported at 10:04 am (JST) in Tokyo, the USD/JPY was trading at 105.1930 Yen, down 0.1869%; the pair earlier hit a trough of 104.455 Yen, with the peak a distant 105.229 Yen. The EUR/JPY is also lower at 117.182 Yen, down 0.229%, while the GBP/JPY was lower at 128.95 Yen, down 0.4238%.
Antipodean Currencies Hit
The Chinese Yuan was lower, as was Antipodean currencies, with expectations that China's economy is likely to see an ever deeper slowdown than analysts had anticipated. Analysts say that the negative impact to the Australian and New Zealand economies cannot be overstated. The AUD/USD was trading at $0.6728, down 0.3879%, and the NZD/USD was lower at $0.6387, a loss of 0.2468%.