Forex – Dollar Slips, Yen Edges Up Amid U.S. Political Uncertainties

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Forex - Dollar Slips, Yen Edges Up Amid U.S. Political Uncertainties

Investing.com – The U.S. dollar fell while the safe-haven yen edged up on Monday in Asia amid reports of political instability over the weekend.

U.S. President Donald Trump’s budget director and chief of staff told reporters that the partial U.S. government shutdown could continue into January.

Separately, citing unnamed sources, Reuters reported that Trump has privately discussed the possibility of firing Federal Reserve Chairman Jerome Powell, as the President became “newly furious” at the Fed chief as markets tumble.

Meanwhile, Treasury Secretary Steven Mnuchin urged the heads of the six largest U.S. banks to calm nerves and made plans to convene a group of officials known as the “Plunge Protection Team.”

The Japanese yen received some safe-haven support following the news, as the USD/JPY pair fell 0.2% to 111.11 by 12:06 AM ET (05:06 GMT).

The U.S. Dollar index that tracks the greenback against a basket of other currencies was down 0.2% to 96.290.

Trading volumes were low as most global markets set to shut for Christmas. Japan’s equity markets were closed for a holiday while Australia closed early.

The USD/CNY pair slipped 0.1% to 6.9010 as the People’s Bank of China (PBoC) set the USD/CNY reference rate for the day at 6.9006, compared to Friday’s rate of 6.8825.

The AUD/USD pair and the NZD/USD pair both rose 0.3%.

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