USD/JPY extends decline on the day, nears 5-months low

USD/JPY extends decline on the day, nears 5-months low


USD/JPY falls to a low of 108.06 on the day

And that’s just short of the 5-months low posted on Friday at 108.05. At the same time, the dollar is also seeing losses against other major currencies too. EUR/USD tests a high of 1.2325 while cable climbs to a high of 1.3869.

The swissie is also gaining traction on the day as safe haven currencies (barring the dollar) are posting gains on the day.

This comes as the Nikkei closed the day near its lows, and now we’re starting to see the Hang Seng, Shanghai Composite, and CSI 300 indices also give up some gains along the way.

We’re not yet at the point where we’re seeing a full flight to safety just yet, though US Treasury 10-year yields are also trading at the day’s lows at 2.843%, so this could just yet be a taste of things to come later on.

As I highlighted earlier here, we’re nearing a key level for USD/JPY. Watch this space.



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