Japanese Yen Trading Steady as Markets Still Uncertain of How Brexit, Phase 1 Trade Deal Will Develop
On Tuesday, the US dollar continues to trade steady against the Japanese yen, unable to climb any higher on account of reigning uncertainties surrounding the Phase 1 trade deal to be signed between the US and China. At the time of writing, USD/JPY is trading around 108.32, near a 2.5 month high.
The safe haven currency Japanese yen has been trading under pressure over the past few days over an improvement in the market sentiment after the US-China trade talks led to a confirmation of a partial trade deal between the two nations. The Japanese yen’s safe haven appeal diminished further as markets regained optimism that a Brexit deal could be finalized before the October 31 deadline for Britain’s departure from the EU.
However, the US dollar has been unable to strengthen any further as there have been no further development on both these fronts yet. The uncertainty is keeping the Japanese yen steady as uncertainty still remains high in financial markets. Recent news reports coming out of China suggest that all issues have not been clarified yet as China looks interested in holding more discussions before finalizing the Phase 1 trade deal.
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