XE Market Analysis: Europe – Mar 29, 2019

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The dollar has traded softer so far today, albeit moderately so, while USD-JPY has been an exception in rising to an eight-day high at 110.92 amid a backdrop of rallying equity markets in Asia. AUD-JPY concurrently posted a thee-day high, while most other yen crosses were buoyant, although most remained off their highs from yesterday. The dynamic was a reflection of an unwinding in the Japanese currency’s safe haven premium, with remarks from U.S. Treasury Secretary Mnuchin that he had a “productive working dinner” in Beijing providing a tonic for risk-off afflicted investor sentiment.