XE Market Analysis: Europe – Mar 07, 2018

The yen has rallied on a safe haven bid following the resignation of Gary Cohn, the head of the National Economic Council, which many onlookers are taking as effectively signalling that the Trump administration will go the distance in trade protectionism. Asian equity markets declined and S&P 500 futures have posted rare 1%-plus loss in the overnight session, pointing to a sharp opening loss on Wall Street later. USD-JPY dove to sub 105.50 levels from levels around 106.20, and was showing a 0.5% decline on the day heading into the London interbank open.