Though currently recouping earlier losses, the US Dollar is still poised to end the week on a down note. Meanwhile, the Japanese Yen continues to be pushed higher on escalating geopolitical concerns. Earlier, the US President cautioned that North Korea “will be taken care of” suggesting that more nuclear tests by Pyongyang could be met with US military might. Also, the US military dropped a non-nuclear device in eastern Afghanistan with the intent to destroy a network of tunnels and caves allegedly used by ISIS.
As reported on Friday at 10:57 am (JST) in Tokyo, the USD/JPY pair was trading at 109.22 Yen, up 0.10% and trading within a tight range. The EUR/JPY was up at 116.0246 Yen, up 0.12%; on Thursday, the pair had hit a low of 115.72 Yen, a 5-month trough.
Euro Higher as French Election Draws Near
In Europe, the Euro is poised to close the week up 0.2% against the US Dollar, though investor worries over the French presidential election are limiting any upside potential. The latest polls put Marine Le Pen and Emmanuel Macron as the leaders in the first round of voting which will take place on April 23rd. Ms. Le Pen had said that, if she is elected, France’s growth would accelerate under her leadership to 2.5% in her first term. The EUR/USD was up 0.04% to trade at $1.062.
