The Japanese yen exchange rate sinks in today’s session as the situation between the United States and China trade war eases. Forex traders felt a sign of relieve as investors turn more optimistic for the outcome of the trade dispute.
The Japanese Yen Contract slipped by 0.05% or 0.000005 points in trading sessions. The contract is noticeably inching to levels between 0.009373 and 0.009411 today.
The CNYJPY trading pair entered positive territories as the yuan receives support from trade war optimism. The CNY to JPY pair went up 0.17% or 0.0251 points in trading sessions.
The Chinese yuan currently trades for 14.9013 Japanese yen, much better from its previous close of ¥14.8762.
Aside from the CNYJPY pair, the greenback to yen exchange rate also gained in Thursday’s sessions. The USD/JPY inched up by 0.12% or 0.12 points in sessions.
The USD to JPY pair currently trades for ¥106.50 against its previous close of ¥106.38 in today’s trading. The pair extended to levels from ¥106.33 to ¥106.75.
Meanwhile, on the European continent, the Japanese yen also falls short against the single currency and pound sterling.
The EUR to JPY pair moved up by 0.11% or 13 points, trading for ¥117.51 in sessions. And the pound to yen exchange rate rose by 0.42% or 0.55 points, exchanging for ¥130.87 in Thursday’s trading.
Trade War Progress
the safe-haven yen couldn’t use its charms in today’s trading as the whole forex market focuses on trade war news. According to a statement from the Chinese Commerce Ministry, delegates from the US and China are set to continue trade talks next month.
The diplomatic teams will sit in Washington early next month to continue the negotiation for the 13th time. With that news, JPY bulls are scrambling to hold on to their previous gains as other forex traders weigh in the outcome of the meeting.
Read more: Yen Exchange Rate Slips Yesterday