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Dollar weakens broadly on follow-through selling after Friday's tepid U.S. wage growth and falling yields

Written by AceTrader Team | 2018-03-13 02:21:00 GMT

Dollar weakens broadly on follow-through selling after Friday's tepid U.S. wage growth and falling yields

The greenback remained on the back foot against majority of its peers on Monday, weighed down by Friday's release of soft U.S. wages data together with concerns over Trump's tariffs. Also, intra-day decline in usd/yen as well as falling U.S. Treasury yields in New York trading contributed to broad-based usd's weakness.  
  
Versus the Japanese yen, price met renewed selling at 106.97 ahead of Asian open n tumbled to an intra-day low at 106.36 in Asian morning on weekend reports of a suspected cronyism scandal, which involved the name of PM Abe's wife. Despite a brief rebound to 106.73 ahead of European, price later weakened to session lows of 106.32 in New York.  
  
Reuters reported Japanese Finance Minister Taro Aso's leadership is needed now to ensure a thorough investigation into a suspected cronyism scandal involving a controversial land sale, Chief Cabinet Secretary Yoshihide Suga said on Monday.  
  
It was also reported that the name of Japanese Prime Minister Shinzo Abe's wife was removed from documents regarding a suspected cronyism scandal, media said on Monday, as pressure mounted on the premier and his ally Finance Minister Taro Aso over a possible cover-up.  
  
The single currency traded with a firm bias in Asia on initial usd's weakness in Asia and gained to 1.2341 at European open. Despite dropping to 1.2291 ahead of New York open, price erased intra-day losses and later climbed to session highs of 1.2345 in New York.  
  
Although the British pound traded with a firm bias in Asia and gained to 1.3882 in early European morning, price briefly dropped to 1.3841 in tandem with eur/usd. However, cable quickly erased intra-day losses and later rallied to session highs of 1.3917 in New York morning on news of Brexit deal being very close.  
  
UK Junior Brexit Minister Walker says very close to deal on Brexit implementation period.  
  
In other news, Japan PM Abe said 'feels responsibility over MOF land sale document alterations, apologises; wants FinMin Aso to fulfil responsibility; Aso's responsibility is to clarify full facts of document alterations.'  
  
Data to be released on Tuesday:  
  
Japan corporate goods price index, Australia NAB business conditions, NAB business confidences, France non-farm payrolls, and U.S. core CPI, CPI, Redbook.  
  

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