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FOREX-Yen set for biggest monthly rise since May as sentiment fragile

Published 08/29/2019, 07:19 PM
Updated 08/29/2019, 07:20 PM
© Reuters. FOREX-Yen set for biggest monthly rise since May as sentiment fragile
DXY
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* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh

By Saikat Chatterjee
LONDON, Aug 29 (Reuters) - The Japanese yen was set for its
biggest monthly rise since May on Friday as risk appetite
remained on the back foot with investors sceptical of a
breakthrough in the U.S.-China trade war any time soon.
"Investors are still concerned about the trade war and there
is little optimism we will see a substantial breakthrough in
negotiations," said Esther Maria Reichelt, an FX strategist at
Commerzbank.
U.S. President Donald Trump's administration on Wednesday
made official its extra 5% tariff on $300 billion in Chinese
imports and set collection dates of Sept. 1 and Dec. 15.
Against the greenback JPY=EBS , the yen edged 0.2% lower to
106.28 but was on track for a 2.5% rise against the dollar for
the month of August, its biggest such rise in three months.
The dollar firmed broadly against its rivals after China
said it won't immediately retaliate against the latest round of
tariff increases by the United States.
Against a basket of currencies .DXY , the dollar rose
slightly to 98.29.
Spreads between 10-year U.S. Treasury debt and comparable
two-year bond yields were at minus 3 bps, the lowest since May
2007.
Sterling remained in the spotlight after Prime Minister
Boris Johnson's plan to suspend parliament raised the odds of a
no-deal Brexit. GBP/ The British currency GBP=D3 edged
quarter of percent lower to $1.2183, approaching a January 2017
low below $1.2015.
China's onshore spot yuan CNY=CFXS eased slightly, weaker
for an 11th straight session, although a firmer-than-expected
central bank fixing helped stem deeper losses
Elsewhere, the kiwi NZD=D3 was off 0.3% at $0.6318 after
touching its lowest since September 2015 at $0.6311.

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