FX Update: The yen dipped and then rebounded some
FX Update: The yen dipped and then rebounded some as risk appetite in global stock markets went from risk-on, which dominated in Asia today, before turning risk-off during the European AM session, where market narratives become more circumspect about the prospects for meaningful progress between the U.S. and China at the upcoming G20 summit, which seems entirely justifiable given the recent history for disappointment. USD-JPY fell back to levels around 107.80 after posting an eight-day high at 108.16 during the Tokyo session. AUD-JPY, which had been showing a 0.5% gain at its highs, also fell back. The pan-Europe Stoxx 600 equity index was showing a 0.2% decline as of the early European PM session, while S&P 500 futures was showing a 0.2% gain, paring gains after showing a near 0.5% gain at the overnight session highs. EUR-USD remain in a narrow range in the mid-to-upper 1.1300s, holding the three-month high seen earlier in the week at 1.1412. The Euro saw only a brief dip on weak Eurozone confidence data, with the headline sentiment figure falling to 103.3 in June from 105.2 in the previous month, undershooting the median forecast for 104.6. Sterling picked up demands on news that a group of parliamentary members in the UK are working on a plan to prevent a no-deal Brexit by withholding government funding. Cable lifted to a two-day high of 1.2724, which is about 50 pips on the intraday low. EUR-GBP dipped under 0.8950, putting in some space from the five-month high seen yesterday at 0.8976.