Ripples Advisory, Dollar holds gains vs yen, trade worries linger as China PMI looms
The dollar held firm versus the yen on Friday, supported by quarter-end buying as well as an absence of any fresh escalation in trade-related tensions between the United States and its major trading partners.
Still, trade worries look set to dominate the market with traders increasingly worried about the impact of Sino-US trade disputes on China’s economy. The dollar firmed to 110.49 yen, having made gains for the last three sessions and nearing this month's high of 110.905, helped by seasonal buying at the end of quarter and half-year.
The yen, which tends to be bought on signs of economic stress because of expectations of Japanese asset repatriation, also lost some support after US President Donald Trump indicated he would take a softer approach on Chinese investments in US technology companies.
The dollar is also broadly supported thanks to the prospects of rising US interest rates on the back of solid expansion in the US economy. The dollar's index against a basket of six major currencies stood at 95.288, having risen to as high as 95.534 on Thursday, a high last seen almost a year ago. The index is on course to make its first quarterly gain in six, having risen 5.9 per cent so far.
That partly reflected a loss of momentum in the euro, which has been weighed by European Central Bank's dovish stance and concerns over political instability in the European Union. The euro traded at $1.1560, not far from an 11-month low of $1.1508 touched last week.
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