Dollar/Yen briefly fell back to 151.52 yen due to a rollback of the Trump trade.
【11/4Market Overview
Tokyo time, while Japan was on holiday and trading was thin, fears over Middle East tensions led to selling of the dollar/yen pair. After the softness in after-hours Nikkei 225 futures and U.S. stock index futures, the USD/JPY fell to151.59yen. In European time, the USD/JPY staged a rebound and temporarily rose to the152yen level, but subsequently, with the decline in U.S.10year Treasury yields, it slowed. NYtime, in the market there was chatter that with the U.S. presidential election ballots looming, a return of the Trump trade (dollar buying ahead of a Trump victory) was unwinding, and the USD/JPY fell to151.52yen. After that, as the drop in U.S.10year yields narrowed, the USD/JPY recovered to the152yen level.
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