Free Trial

FOREX: JPY Claws Back Losses Amid Equities Weakness, Trump Posts on X

FOREX
  • The volatile price action for equity indices on Monday and the latest bout of weakness has continued to support the yen over the past two hours. USDJPY reached as high as 148.22 after the break of last week’s 147.90 highs but has since been on the backfoot, trading down to 147.26.
  • Seemingly, no news attributed to the equity volatility, however geopolitical risks surrounding Iran/Israel may continue to provide a heightened sense of uncertainty ahead of the major US data on Wednesday. Given the punchy ranges seen in recent sessions, initial support is not seen until 144.29, the Aug 7 low.
  • On a sidenote, although coinciding with the latest leg lower for stocks, Donald Trump has sent his first post (a video message) on X since August 2023. The post comes ahead of the former a scheduled interview between the former president and Elon Musk, which is expected to take place on Musk’s social media website X at 20:00 ET / 01:00 BST.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.