FX Update: USD-JPY rallied to a fresh six-month high
FX Update: USD-JPY rallied to a fresh six-month high, of 112.77, as most global stock markets continued to rally, buoyed by a strong global economy and expectations for a solid Q2 corporate earnings reporting season. Chinese markets continued to underperform, however, along with the Australian share market, on concerns about worsening Sino-U.S. trade relations. The weakness in the yen in turn drove an outperformance in Japanese stock markets. Outside the case for USD-JPY, the dollar itself has been mixed. EUR-USD has drifted towards 1.1650 and yesterday's one-week low at 1.1649, and Cable edged out a 10-day low of 1.3162, while the dollar lost a little ground to the Australian dollar and other dollar bloc units.