FX Action: USD-JPY, AUD-JPY and other yen crosses continued to rise
FX Action: USD-JPY, AUD-JPY and other yen crosses continued to rise, with the former of these printing a fresh six-week peak, at 107.84, in what is now a third consecutive day of ascent, which in turn amid a third consecutive week of gains. News that the hawkish U.S. national security advisor, John Bolton, was fired by Trump (Bolton claims he resigned), has been something of a tonic for markets, maintaining buoyancy in global stock markets while sparking a 1%-pus dive in oil prices. Expectations for stimulus of the fiscal kind in Europe and China are also in the mix, offsetting a recent descaling in expectations for stimulus of the monetary kind by the Fed and ECB. Then there is the recent apparent de-thawing in U.S.-China relations, with face-to-faces set for early next month and with U.S. Treasury Secretary Mnuchin signalling earlier in the week "lots of progress on talks"." Analysts have, of course, many times heard such upbeat rhetoric in the many previous rounds of the so-far fruitless trade discussions, though apparently the show of optimism is still enough to influence near-term sentiment. For now, the Yen looks likely to remain on a downwardly bias track.