Consolidation has been ensuing so far today among the main currencies, which follows the bout of risk-off-reversal positioning during yesterday’s London afternoon session after President Trump announced a delay in new tariffs on Chinese goods imports. USD-JPY settled in the mid 106.0s, below yesterday’s peak at 106.97, which was the product of a vertiginous rally from pre-Trump tariff announcement levels around 105.30. AUD-JPY and other Yen crosses have seen similar price actions, with the Japanese currency having seen a sharp unwind in its safe haven premium.
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