Kristian Rouz — The ongoing political stalemate on Capitol Hill, the EU-Italy budget dispute, and Brexit fears are weighing on the exchange rates of the world’s three largest reserve currencies — the dollar, the euro, and the sterling, respectively. As a result, money trades and investors have turned their eye to the other two hard currencies, driving the largely unwelcome gains in the yen’s and Swiss franc’s FX rates. CC0Japan Gov’t Agencies to Stop Using Huawei, ZTE Over Security Concerns – ReportsThe Japanese and Swiss national currencies posted gains in Monday’s trading, reflecting the lack of investor confidence in the US, Eurozone, and British economies engulfed in their respective political battles of attrition. Amid the concerns of a possible slowdown in global economic growth, many investors are seeking safe havens in the form of hard currencies, leaving the yen and the franc their only remaining options. Additionally, the nascent bear market in US stocks has also affected investor sentiment. READ MORE: Meng’s Arrest: Journo Explains Why China Retaliated Against Canada, Not Trump However, Japanese government officials and central bankers are hardly happy to see the yen rally yet again. The “weak yen” policy has supported Japanese exports for decades, and as the nation is struggling to spur inflation and GDP expansion, additional downside pressure on national exports — one of the main sources of economic growth… Read full this story
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