Market updates on August 19
There were no major moves during the Asian trading session, however we have some events today, which may affect the sentiment in the market.
Evergreen buck keeps to six-week minimum vs yen
On Thursday, the evergreen buck kept to a six-week minimum against the Japanese yen due to the fact that risk aversion gripped broader financial markets against the backdrop of worries that the US-China trade war could escalate.
Financial markets were nervously waiting for the beginning of two-day trade negotiations in the US capital later in the global day to see if China’s negotiators can persuade the US government to back down on a threatened tariff lift on Friday.
The evergreen buck kept to 109.910 yen having tumbled to 109.70 overnight that appears to be its weakest reading since March 25.
The Japanese yen that has rallied versus a number of its counterparts, tends to attract demand in times of market turmoil and political strife.
This week hopes that China and America would come to a compromise in the near future to conclude their trade conflict have been upended, thus sending traders away from risky assets.
Meanwhile, global shares have rebounded, while government bonds have tacked on.
The US government has accused China of backtracking on commitments made during trade talks and American leader has threatened to lift existing levies on Chinese exports on Friday and slap fresh duties soon if there’s no deal.
Meanwhile, the Australian dollar hit a four-month minimum of 76.55 yen. This week the Australian dollar has lost about 1.8% versus the Japanese yen.
As for the common currency, it kept to a four-month minimum of 122.89 yen, having decreased over 1% this week.
Versus the evergreen buck, the common currency stood still, sticking with $1.1190, having fluctuated the whole week in a tight band $1.1218-$1.1155.
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