Dollar hits year-to-date lows as bulls get nervous
yen shot to a 2-1/2 month high on Friday on the back of a jump in Japanese inflation, while the dollar was set for a third weekly drop in a row as traders calculated the start of Donald Trump's second term has been mostly bluster on the tariff front.
The yen broke through chart resistance at 150 per dollar overnight and it strengthened as far as 149.285 per dollar in the Asia morning after Japan recorded core inflation running at its fastest pace for 19 months in January.
The euro was up 0.8% overnight and was steady in Asia at $1.0498 with traders awaiting an election in Germany on the weekend where polls point to a conservative coalition win.
The dollar nursed broad losses as bulls who had built up big long positions in anticipation of a trade war have backed off while Trump equivocates about tariffs.
Trump has slapped an additional 10% tariff on Chinese goods and announced plans to reimpose steel and aluminium levies from his first term, but suspended threatened tariffs on Canada and Mexico while numerous others remain — as of yet — only threats.
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