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What’s next? – USDJPY 26.03.18

Mar 26 2018, 01:53 PM (+06) |

The dollar was trading 0.28 percent higher vs the Japanese yen at 105.00 as of 06:55 GMT on Monday, with speculation over a potential global trade war still weighing on market sentiment.


Worries were underpinned after US President Donald Trump signed a memorandum last Thursday to implement import tariffs to Chinese products for a volume of about $60 billion.


The tariffs largely focus on technology sector goods and were intended to penalize China for, according to the Trump administration, stealing intellectual property.


The Chinese government responded almost immediately with a list of 128 US products that could potentially face retaliation if the Trump administration moves forward with tariffs.


In other news, former ambassador John Bolton took over as President Trump’s national security adviser, after Lt. Gen. H.R. McMaster recently left its post.


This announcement increased geopolitical uncertainty among investors. Especially as Bolton had previously advocated military force as a way to deal with North Korea and Iran.


The US dollar index, which measures the greenback against six major currencies, was trading 0.01 percent higher at 89.04 by the time of this writing.


The American currency was in the spotlight last week as the Federal Reserve rose its interest rate by 25 basis points to a range between 1.50 percent and 1.75 percent.


In the next few days, traders will be focusing on incoming economic data, including a final revision on the US gross domestic product for the fourth quarter 2017 and several speeches from Federal Reserve policymakers.


On Friday markets will be closed in observance of the Good Friday holiday.

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