USD/JPY up slightly

Huitong Network2month27Daily News - Monday（2month27In the afternoon, due to rumors that Scotland may hold another independence referendum, the pound fell below the dollar during trading1.24At the integer level, the weakness of the pound also indirectly boosted the rise of the US dollar index, but the market is still waiting for Trump's upcoming speech in Congress.

Asia Market Review: Scotland's Another Independent Struggle Struggling Pound, Trump's Speech Highly Anticipated

The decline in US Treasury yields in recent weeks has dragged down the US dollar, with US indicators10The yield of one-year treasury bond bonds fell to a five week low last week. retribution in one's lifetime2.331%Last Friday（2month24Japanese) US market closing report2.317%。

The main reason for the decline in US bond yields is the poor performance of US economic data last Friday, with the US1The monthly growth rate of new home sales is lower than expected,2Monthly consumer confidence has also declined.

But investors have not abandoned the US dollar. According to American productsfuturesTrading Committee(CFTC)According to Friday's data calculations, speculators have increased their holdings in the US dollar for the first time in seven weeks in the past week. Data organized by Huitong Network shows that as of2month21During the current week, the net long position in the US dollar increased150.2Billion US dollars, higher than the previous week's149.9USD100mn

Currently, the market is focusing on Trump on Tuesday（2month28Japan will deliver its first important policy speech in Congress, which is expected to include some details on infrastructure spending and tax reform plans. Some market participants are concerned that a lack of details may disappoint investors and harm the US dollar.

US Treasury Secretary Nuchin(Steven Mnuchin)On Sunday（2month26According to an interview in Japan, Trump will deliver an important policy speech at a joint session of Congress on Tuesday evening, introducing his comprehensive plans covering reducing the tax burden on the middle class, simplifying the tax system, and improving the international competitiveness of American businesses.
The US dollar rose slightly against the Japanese yen, and fell to111.92, for2month9The lowest so far. However, due to investors waiting for US President Trump's speech this week to seek clues on tax reform, the USD/JPY still lacks momentum.

Chief of Mizuho Securitiesforeign exchangeStrategist Yasumi Yamamoto stated that the current theme is Trump's tax reform plan and France's general election. Before Trump's speech, the US dollar may fall against the Japanese yen again112Below, however, surprisingly, the weakness of the pound. The Scots hope for another referendum, which may put pressure on the pound.

Brown Brothers HarrimanSenior currency market strategist based in TokyoMasashi MurataSome people may argue that the situation in Scotland may lead to a strengthening of the yen, as the yen typically benefits from investor safety. But he doesn't think so because as the global economy strengthens, not many people want to sell the US dollar, and the French presidential election is not a reason to buy the yen. He feels that the US dollar is temporarily stable.
Japanese yenhttp://news.fx678.com/news/keywords/jpy.shtml