U.S. Dollar/Japanese Yen Futures Market News and Commentary
The dollar index (DXY00) on Friday rose +0.405 (+0.41%). Jun euro-fx futures (E6M0) closed down -0.0068 (-0.62%), and EUR/USD (^EURUSD) fell -0.0046 (-0.42%). Jun yen futures (J6M0) closed up +0.03 (+0.03%), and USD/JPY (^USDJPY) fell -0.03 (-0.03%).
The dollar index on Friday posted moderate gains on weakness in EUR/USD, which retreated after the minutes of the Apr 30 ECB meeting bolstered expectations for the ECB to expand QE at its June meeting. The Chinese yuan fell Friday against the dollar on Chinese growth concerns and Hong Kong tensions.
Rising tensions between China and the U.S. boosted the liquidity demand for dollars. China announced plans to rein in dissent by writing a new national security law into Hong Kong's charter. Protesters are already planning mass demonstrations against the law and President Trump said the U.S. would "respond strongly" to a planned move by China to crack down on protests and democratic movements in Hong Kong.
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