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The yen is receiving safe further safe-haven bids in the Asian hours of Friday’s sliding as Chinese trade numbers for February sour mood, especially after yesterday’s selloff in the U.S. benchmark stock index S&P500.
- According to today’s release, the Chinese trade balance in February was just $4.12 billion, as exports slumped 20.7 percent from a year ago. It is the worst number in a year. However, it is important to note that trade balance usually declines close to the end of the financial year as adjustments set in. So, traders should keep an eye out for next month’s data.
- The selloff in the S&P500 is also contributing to the bids in yen as selloff continues in the Asian hours. After yesterday’s 0.8 percent sell-off in the S&P500, the future is down another 0.45 percent today.
Despite broad-based strength in the U.S. dollar, the yen has moved higher against the USD,
- Yen was up 0.11 percent against the USD, and today it is up by another 0.57 percent so far, despite USD holding up well against the pound and the euro.
- The yen is currently trading at 111 per USD. Further firming in the near term, can’t be ruled out.
- However, the longer-term trend for USD/JPY remains up.
