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investingLive Asia-Pacific FX news wrap: Yen recovered a little, silver new record high
Key Takeaways (30s Read)
The Yen has recovered slightly, while silver reaches a new record high.
Japanese markets saw the Yen recover slightly, with USD/JPY retreating from early highs of 157.75 down to 157.25. This bounce was influenced by comments from Japan's top currency diplomat, Atsushi Mimura, who expressed concern over recent sharp currency fluctuations, warning of appropriate actions against excessive volatility. This familiar language led to a trimming of short-yen positions.
Elsewhere in the FX market, both the AUD and NZD made modest gains against the USD, despite major pairs trading within narrow ranges. In commodities, silver surged 3% to a fresh record high above US$69, while gold also rose, nearing US$4,400, driven by renewed geopolitical tensions and inflation concerns impacting price dynamics.
AI Analyst
AI Opinion
"The movement of the Japanese Yen is notably influenced by government rhetoric, with Mimura's comments reflecting a firm stance against the ongoing depreciation. This has encouraged a recovery in the Yen and impacted investor sentiment. The market remains sensitive to the Bank of Japan's policy direction and inflation rates. Additionally, the surge in silver and gold prices indicates that geopolitical risks and inflation concerns are driving commodity prices higher. Investors should carefully monitor these developments and consider appropriate trading strategies."
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