USD/JPY: Off intraday top, still above 107.00, as trade sentiment dwindles
Monday, 25 May 2020 11:17 WIB | CURRENCIES | YenUSD/JPY,

USD/JPY retreats from the intraday high near 107.80 to 107.65 amid the early trading session on Monday. Although news of Japan™s likely removes of state of emergency from Tokyo and nearness to another aid package seems to probe the risk-off sentiment, the US-China row over Hong Kong issue keeps the traders™ worries amid quiet markets.

Ever since the Chinese diplomats showed readiness to Hong Kong™s autonomy at the 13th National People™s Congress (NPC), global policymakers ran the anti-China show, led by the US diplomats. However, US President Donald Trump™s absence from the league seems to ire the risk-averse traders off-late.

On the contrary, Japanese government readiness to another aid package, worth nearly $1 trillion, coupled with likely scrapping of the coronavirus (COVID-19) led restrictions from Tokyo, favor the risk reset wave.

Even so, China™s Global Times continues to use harsh words while terming the recent US decisions as more political. It™s worth mentioning that the US policymakers are inching towards a bill that would restrict Chinese companies™ listing on the American exchanges. Additionally, the Trump administration is also waiting for House approval to sanction Chinese diplomats in the Xinjiang case.

Amid all these catalysts, Japan™s NIKKEI slips from the intraday high of 20,720 to 20,580, still up 1.0%, by the press time.

Moving on, Japan™s Leading Economic Index and Coincident Index, 83.8 and 90.5 respective priors, could offer immediate directions to the pair. One shouldn™t forget that the US-China updates and virus news will keep the driver™s seat.

Source: FxStreet


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