Japanese yen holds firm ahead of European markets open

Author: Justin Low | Category: News

US-China trade tensions continue to unsettle markets

WCRS 17-05
And that's helping to inject further bids into the yen as we look to begin the session, with USD/JPY falling to a low of 109.60 in the past few minutes. The franc is also bid as European equities look set for a weaker start as US equity futures are down by 0.3% now.

The dollar is mostly mixed against the rest of the major bloc as trading ranges remain narrow to start the day. For some context, EUR/USD sits in a 9 pips range thus far lingering between 1.1171 to 1.1180 since Asian trading.

Meanwhile, the aussie is slightly weaker as trade tensions and political risk weigh on the currency. Australia is set for elections tomorrow where we could possibly see yet another change of leadership (polls show that it is a coin toss), and if so that would represent seven new faces as prime minister in the past twelve years.

Looking ahead, expect markets to still fixate on risk sentiment for the most part but ahead of the weekend I'd expect position squaring in fear of more US-China trade headlines that could come about. It's still all about the ebb and flow right now so just be mindful of that.

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