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The Japanese Yen is on track to record its worst week in more than two years as concerns over the Coronavirus sent FX traders to the US Dollar as a safe haven asset.
A US Dollar this is gaining broad strength helped to send the Japanese Yen to a 10-month trough during London trade on Thursday.
The Japanese Cabinet Office recently released its monthly economic assessment. In the report, they claim that the economy was recovering at a moderate pace.
Despite continued optimism about the containment of the coronavirus and a decreasing number of new daily diagnoses, gold prices rallied further
The Pound Sterling had earlier edged higher against the US Dollar in reaction to unexpectedly improved inflation data which had helped to boost sentiment.
The United States President, Donald Trump said on Wednesday that the United States is working on a "big" trade deal with India,
Gold prices pushed through the important $1,600 per ounce mark on Tuesday and continued higher during Wednesday’s Asian trading session,
The Euro was trading near to a 3-year low against the greenback as FX traders await the latest economic news.
The Bank of Japan is considering to stop chasing its 2 percent inflation target according to sources. The main reason behind this move is the effects of the coronavirus epidemic in the Japanese economy.
The Chinese government said on Tuesday that it will remove tariffs of over 696 products from the United States, like soybeans, pork, crude oil, among others.
Though higher currently, the Euro held close to a 3-year trough during the Monday trading session in London on investor concerns about slowing regional growth
According to data released by the Japanese government, the Japanese GDP contracted at its faster pace in six years.
China’s central bank cut interest rates on medium term loans on Monday, an effort to offer support to businesses whose activity has been disrupted or halted completely by coronavirus contagion concerns.
The Japanese Yen was able to keep earlier gains versus the greenback during Asian trade on Friday on growing concerns over the spread of the Coronavirus.
Safe haven demand has increased significantly after a sharp increase in Coronavirus cases was reported.