The Japanese yen remains in green territories against major currencies in today’s trading. The JPY received support from the slipping treasury yields that worried traders for the downward run of the global economy.
As investors turn to safe haven such as precious metals and the yen, the Japanese currency gets stronger. The USD to JPY exchange pair climbed 0.31% or 0.33 points in Thursday’s session.
The USDJPY currently trades at ¥106.22 edging higher from its previous close of ¥105.89. The pair also reached levels from ¥105.74 to ¥106.78.
The CNY to JPY pair gained 0.28% or 0.0426. The CNYJPY currently exchanges at ¥15.1127 and has reached ranges between ¥15.0517 to ¥15.1929.
The NZD to JPY trading pair inched up 0.45% or 0.31 points in today’s sessions. The NZDJPY trades around ¥68.44 against its last close of ¥68.13.
Meanwhile, the AUD to JPY exchange pair saw a positive move of 0.80% or 0.58 points. The AUDJPY currently trades at ¥72.02 against its previous close of ¥71.44.
The main cause of the upward movement of the yen is the news that the US bond yield curve inverted. The movement was the first one recorded for over a decade.
The news about the United States bonds fanned the concerns of traders for the slowing global economy. Experts worry about the possibility of a global recession.
Traders are saying the inversion of the Treasury yield curve is a bothering sign of the looming recession. Economists are saying that the cause for upsetting news by the escalating trade conflict between the United States and China.
A report was released yesterday, and the data showed that China’s economy continues to slow down.
The drastic fall of the Chinese yuan and the gains of the Japanese yen were foreseen by analysts before. However, the move did little to ease the tension between the United States and China.