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Safe Haven Japanese Yen Trading Steady Ahead of Phase One Trade Deal Signing

On the day of the signing ceremony for the phase one trade deal between the US and China, the safe haven currency Japanese yen is trading steady against the US dollar as markets adopt a cautious mood in wait of the deal’s details. At the time of writing, USD/JPY is trading at around 109.88.

While the market sentiment had been lifting over the past several weeks ever since the partial trade deal finalizing was announced by the US and China, there is now a more guarded response towards the deal as markets worry that it may be not be as effective in dissipating trade tensions. Markets turned more cautious about the deal after US Treasury Secretary indicated on Tuesday that tariffs on Chinese imports could continue for a little while longer.

The phase one deal is expected to be signed later today at the White House at around 16:30 GMT between US President Donald Trump and Chinese Vice Premier Liu He. Under this partial trade agreement, the US will call off some tariffs and halve some other tariffs on Chinese imports. In return, China has agreed to increase imports of US-manufactured goods, especially agricultural products, over the next couple of years.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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