U.S. dollar fell against the Japanese safe-haven yen, touches 16-month lows

Yen beats Dollar and Euro

Monday, the dollar slipped against its Japanese counterpart on rising concerns over the looming global trade war. The United States dollar was seen settling at 104.560 yen on early trade, which was the greenback’s lowest since November 2016 before the currency finally settled at 104.955 yen JPY=. The greenback was also seen struggling against the yen last week, declining an approximate percentage of over 1.2%.

In accordance to this, the dollar index indicated that against its major currency rivals the greenback held firm and settled at 89.397. DXY, which was an inch above the currency’s one-month low of 89.356. DXY capped last week.

In addition, the dollar also fell against the euro, the single currency settled at $1.2372 which was 0.2% higher from the euro’s previous settlement.

The stance of the U.S. dollar was due to the rising concerns of investors and analysts towards the looming global trade war between the United States and China, as United States President: Donald Trump signed a memorandum last week indicating that he may impose a hefty $60 million tariffs over Chinese goods imports.

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