Japanese Yen Support Gives as US Tariff Threats Sink Wall Street
Asia Pacific Market Open Talking Points
- Wall Street ended worst week this year as US-China trade war fears consumed markets
- Anti-risk Japanese Yen outperformed and may continue to do so as Asia stocks decline
- USD/JPY downtrend may resume deeper into flash–crash lowsafter taking out support
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Anti-Risk Japanese Yen Crushes It as Trade War Fears Boil
The anti-risk Japanese Yen and Swiss Franc outperformed against their major counterparts as Wall Street wrapped up its worst week this year. While the S&P 500 dropped nearly ¾ of a percent on Friday, it was European benchmark stock indexes that fared the worst. The Euro Stoxx 50 and DAX tumbled 3.26% and 3.11% respectively.
The source of anguish in financial markets stemmed from an escalation in US trade tensions with the world. Markets were digesting intention from President Donald Trump to slap an additional $300b in Chinese import…