FX Update: The yen weakened moderately
FX Update: The yen weakened moderately while most of the other main currencies posted narrow ranges in pre-London trading in Asian markets. USD-JPY lifted to a fresh six-week high of 107.58, while EUR-JPY lifted toward trend highs and AUD-JPY clocked a one-month high at 83.69. A rebound in global markets aided the yen lower as more of its safe haven premium unwound. The Nikkei closed some way off its highs following a late-morning selloff, but still with a 0.55% gain. Trump's U-turn on TPP went down well in most Asian markets. News and data were thin on the ground today in Japan and Asia. EUR-USD consolidated in the lower 1.2300s after yesterday's dollar-driven losses. The improved risk appetite gave the Aussie dollar a lift, which rose to a one-month high at 0.7795.