Asia FX weak as Iran-Israel jitters boost dollar; yen at 34-year lows
Investing.com-- Most Asian currencies weakened on Monday with the Japanese yen testing new 34-year lows, while increased safe haven demand, in the wake of an Iranian strike on Israel, put the dollar at more than five-month highs.
Sentiment towards Asia was further dulled by weak economic prints from China. China’s disinflation worsened in March, while export and import figures missed expectations for the month.pair rising 0.3% to a 34-year high of 153.77. The currency, which usually benefits from increased safe haven demand, was largely supplanted by gold and the dollar as a risk-averse trade.
Levels above USDJPY 153 had attracted a record amount of intervention by the Japanese government in 2022, causing a sharp pullback in the currency pair.The greenback was boosted by safe haven demand after Iran launched a large-scale missile and drone strike against Israel. The dollar was also buoyed by rapidly declining bets that the Fed will cut interest rates in the first half of 2024. This came on the back of strong inflation readings for March.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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