Yen sinks Monday as USD/JPY climbed more than 150 pips and moved above 159.00 in U.S. trading, according to InvestingLive. Steady buying supported the pair through the session. As a result, the move erased a large part of the yen’s earlier intervention gains.
The report said the rise posed a fresh test for Japan’s finance ministry and the U.S. Treasury. It added that both had tried to restrain the pair with limited success so far despite heavy spending. Meanwhile, attention turned to official comments as Japan headed into its next trading day.
Yen Sinks Monday in U.S. Trade
InvestingLive said bids stayed firm through Monday’s session. Therefore, USD/JPY pushed through the 159.00 level as U.S. trading progressed. The article framed that break as the main move in foreign exchange markets.
Elsewhere, the same report said markets saw little chance of peace in Iran and a reopening of the Strait of Hormuz. Oil rose nearly 5% on the day, it said. In turn, the article linked the gain in crude to concerns that Iran would try to keep oil blocked in the strait.
Gold and Oil Extend Gains
Gold also moved higher, the report said, reversing an earlier drop. It had fallen as low as $4,313 before rebounding to about $4,389 near the session highs. Additionally, InvestingLive said U.S. action to weaken its own currency, Friday’s soft jobs report, and the ongoing war supported gold.
On equities, the article cited an earlier report about a $500 billion structured finance loan for Nvidia tied to hyper-scaler buildout. It said the fundraising could be the largest private raise of all time. However, the initial reports weighed on Nvidia as more details began to emerge.
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Source: InvestingLive
