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Yen falls to one-week low with G20 summit in focus
Japanese yen fell on Thursday against a basket of major currencies to continue its losses for the second consecutive day against the US dollar, hitting a one-week low as the demand for safe haven assets slowed following positive comments by the US Commerce Secretary, as optimism rose in the market for a trade agreement between the United States and China, ahead of the G20 meeting in Osaka, Japan, where the US president is expected to meet with his Chinese counterpart to finalize a comprehensive trade agreement.
As of 07:50 GMT, USD/JPY fell by 0.25% trading at 108.05 yen, from the opening price of 107.78 yen, with the highest at 108.16 yen and the lowest at 107.65 yen.
The Japanese yen lost 0.6% against US dollar on Wednesday, its first loss in seven days, on correction and profit taking, after posting a five-month high of 106.78 yen per US dollar the day before.
US Treasury Secretary Steven Mnuchin told CNBC television on Wednesday, that the US-China trade agreement has been completed by 90%,
Mnuchin expressed confidence that the US President Donald Trump and Chinese leader Xi Jinping could make progress in the expected trade talks on the sidelines of the G20 meeting.
The G-20 meeting will kick off on Friday in Osaka, Japan, amid high hopes of progress towards ending the US-China trade war.
A newspaper in Hong Kong quoted sources as saying that China and the United States agreed on a tentative truce in their trade dispute before the leaders of the two countries meet on Saturday on the sidelines of the G20 summit.
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