Japanese yen rebounds steeply as traders look for safe-haven

Japanese yen rebounds steeply as traders look for safe-haven

On Friday, the Japanese yen rebounded steeply in Asia because market participants shifted to the safe-haven currency amid a leap in risk sentiment over the probable impact of American tax cuts because plans passed the House of Representatives as well as a major US Senate committee.

The currency pair USD/JPY hit 112.57, sliding 0.43%, AUD/USD ascended 0.04% reaching 0.7591. Additionally, EUR/USD soared 0.30% being worth 1.1805, GBP/USD rallied 0.30% trading at 1.3234.

Evaluating the greenback’s actual strength against a basket of six crucial currencies, the US dollar index went down 0.33% being worth 93.53.

Overnight, the evergreen buck didn’t change, shrugging off a couple of bearish reports on initial jobless claims as well as manufacturing ahead of a Republican House vote on a huge tax reform bill.

As the US Department of Labor informed on Thursday, initial jobless claims soared 10,000 to a seasonally adjusted 249,000 by November 11, confounding estimates of a 4,000 tumble.

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