Monday, 15 July 2024 08:17 WIB | USD/JPY |Dolar ASEUR/USDUSD/JPY,
The dollar rose on safety bids on Monday in the wake of the attempted assassination of former U.S. President Donald Trump, which in turn left the yen struggling to stay afloat despite Tokyo’s suspected intervention efforts.
Trading was thinned in Asia with Japan out for a holiday, though news of the Trump shooting dominated the cautious market mood and had investors narrowing the odds of a Trump victory come November’s U.S. elections.
The dollar was broadly on the front foot in early trade, pushing the euro down 0.23% to $1.0885 and sterling 0.17% lower to $1.2968.
The risk-sensitive Australian dollar fell 0.18% to $0.6771, while the New Zealand dollar slid 0.35% to $0.6097.
Against a basket of currencies, the greenback was little changed at 104.28.
Cash U.S. Treasuries were untraded in Asia on Monday owing to the Japan holiday, but 10-year Treasury futures edged lower, indicating yields will rise when cash trading begins later in the day. Bond yields move inversely to prices.
Under a Trump presidency, market analysts expect a more hawkish trade policy, less regulation and looser climate change regulations.
Investors also expect an extension of corporate and personal tax cuts expiring next year, fuelling concerns about rising budget deficits under Trump.
Elsewhere in Asia, the yen also remained on traders’ radars after Tokyo was thought to have intervened in the market to prop up the battered Japanese currency last week.
Against the dollar, the yen was last 0.3% lower at 158.36, having strengthened to a roughly one-month high of 157.30 per dollar on Friday.
Source: Reuters