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The yen has weakened amid risk-on trading after Beijing pledged new measures to protect intellectual property. While many market narratives have a fatigued tone after repeated and often banal rhetoric with regard to progress being made six weeks after the "phase 1" deal was announced, the fact that neither side has walked away seems to show there is commitment. Read more
The Dollar ended the week at a six-session high, taking the DXY to 98.24 highs from early lows of 97.99. Incoming U.S. data were the drivers, leaving flash manufacturing and services ISMs at better than expected levels, and seeing the final November University of Michigan consumer sentiment rise to higher than consensus forecasts. Read more
The dollar has been trading steady-to-firmer so far today, posting gains against the euro and the pound following weak flash November PMI data out of the UK and Eurozone. EUR-USD printed a one-week low at 1.1047 in the wake of the flash November PMI data out of the Eurozone, where disappointing services data outweighed an improvement in manufacturing data. Read more
Currencies have been seeing unremarkable movement against a backdrop of sputtering global stock markets. Mixed leads from the U.S.-China trade negotiation front has fostered a fatigue in markets. President Xi said today that China wants to work out an initial trade agreement and has been trying to avoid a trade war, but is also not afraid to retaliate if necessary. Read more
The Dollar was mostly higher in N.Y. trade on Thursday, supported by generally decent incoming U.S. data. Jobless claims were a touch higher, though the Philly Fed index showed improvement, and exiting home sales rose. Conflicting trade news kept risk-taking levels hemmed in, leaving Wall Street on either side of flat, and Treasury yields modestly higher. Read more
A moderate risk-back-on tone replaced what had been a moderate risk-off theme in global markets. This saw the yen pare gains seen during the Tokyo session, inversely tracking a down-then-up price action in global equity market direction. A WSJ report, citing sources, that Beijing has proposed to the U.S. Read more
The yen edged out fresh highs before paring these gains against the dollar and dollar bloc currencies, with net directional change among the main currencies overall registering as minimal as the London interbank session got under way. USD-JPY posted a one-week low at 108.27 before recouping to near net unchanged levels above 108.50. Read more
The Dollar was mixed in N.Y. on Wednesday, though largely range bound. There was no incoming data to drive the market, though a Reuters report indicated the so-called "Phase one" trade agreement between the U.S. and China, may not happen this year. This sent stocks and yields lower. Read more
Risk-positioning has been underpinning the yen and the dollar. The biggest movers have been AUD-JPY and CAD-JPY, with respective daily losses of nearly 0.4%. Most developing-nation currencies were also showing declines. One standout mover has been the Canadian dollar, which has declined by about 1% from yesterday's lows against the U.S. Read more
The dollar and yen have firmed up amid a risk-off turn in global markets as tensions between the U.S. and China bubble up. The U.S. Senate yesterday passed a bill in support of Hong Kong's pro-democracy protestors, to which Beijing responded sharply, accusing Washington of being ignorant of "facts and truths" while threatening retaliation for interfering what it sees as its internal affairs. Read more
