XE Market Analysis: North America – May 06, 2019

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A risk-off theme took a grip in markets, which underpinned the Yen. Conditions were thin with London markets closed for a UK public holiday. The Japanese currency rotated higher during the Tokyo session as stock markets tumbled after President Trump twittered-threatened China that the U.S. could hike tariffs on $200 bln worth of Chinese goods this week and target hundreds of billions more soon. This sent stock markets tumbling, led by a 5.9% rout of China’s CSI 300 index. S&P 500 futures are showing a loss of 1.8%. USD-JPY dove over 0.5% in printing a five-week low at 110.28.