Overnight, the yen managed to resist the broader dollar strength, gaining on reports that US President Donald Trump has decided to fire his national security advisor, H.R. McMaster. The Loonie was once again on the back foot after President Trump insisted that the US runs a trade deficit with Canada.
JPY Gains on Reports that US President Trump Fired His National Security Adviser
The dollar traded higher against all but three of the other G10 currencies on Thursday. It traded virtually unchanged against JPY and SEK, while it stayed on the back foot against NOK. The main losers were the commodity-linked currencies NZD, AUD and CAD.
The Norwegian Krone was the only currency that managed to end the day in the green against the US dollar. The Krone surged after the Norges Bank left interest rates unchanged as was widely anticipated, but noted that rates are likely to be raised after summer 2018. The SNB also held rates steady yesterday and made no changes to its language. It only revised somewhat lower its inflation forecasts. The franc remained unfazed at the time of the release, although it ended the day lower against the dollar.
Read the full financial markets daily report on JFD Research.