Omega Management logo

Japanese Yen Stumbles Against US Dollar as Japan Faces Higher Steel Prices

Japanese Yen, USD/JPY, Covid, Steel Prices, Technical Outlook – TALKING POINTS

  • Asia-Pacific markets face US Dollar headwinds going into the weekend
  • Japanese Yen falls versus USD as the island nation faces higher steel costs
  • USD/JPY eyes higher ground with little resistance before the 1998 high

Friday’s Asia-Pacific Outlook

US stocks rose on Thursday, stopping a multi-day losing streak. However, that may not offer much help to Asia-Pacific markets, given a stronger US Dollar. The benchmark S&P 500 rose 0.30%, while the tech-heavy Nasdaq-100 closed in positive territory, gaining 0.02%. The small-cap Russell 2000 index underperformed, falling more than 1% as lower crude oil prices weighed on the energy-heavy index.

The Greenback rose against its major peers as short-term Treasury yields tracked higher. Rate traders are betting that the Federal Reserve will deliver a 75-basis point rate hike at this month’s FOMC meeting. A healthy…

Read more…