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USD/JPY Hits 5 Month Highs as US Confirms Tariff Rollbacks
The biggest driver of currency flows this week are US / China trade headlines. Early on the outlook was grim with talk of the phase one trade deal delayed to December. However sentiment shifted dramatically overnight after China’s Ministry said they agreed to lift tariffs as the deal progresses. Both countries want a Phase 1 deal on paper by the end of the week and the US confirmed that tariff rollbacks are possible. There’s opposition in the US government but the mere possibility that the tariffs could be lifted sent currencies and equities sharply higher. The Dow Jones Average rose to its strongest level ever ... (full story)