Safe-haven currencies saw a strong surge after a new warning from Russia regarding its nuclear doctrine. The Kremlin lowered the threshold for nuclear strikes following reports of U.S.-made missiles fired into Russia.
The Japanese yen jumped by 0.5% against the U.S. dollar and 0.8% versus the euro. It reached its highest level since October 4, trading at 161.50 per euro. Meanwhile, the Swiss franc appreciated 0.3% against the euro, hitting 0.9305. The U.S. dollar index also climbed 0.25%, reflecting heightened geopolitical tension.
The yen’s recent recovery comes after months of depreciation, losing 7% since October. It recently crossed the 156 per dollar level, raising speculation about potential intervention by Japanese authorities.
Similarly, the Swiss franc has rebounded to levels not seen since August, driven by its reputation as a financial safe haven. This robust performance underscores how geopolitical risks affect forex trading trends.
The U.S. dollar continues to benefit from reduced expectations of Federal Reserve rate cuts. Additionally, speculation about President Trump’s potential Treasury Secretary nominees has influenced market sentiment. Former Federal Reserve Governor Kevin Warsh is viewed favorably by investors for his moderate stance on economic policies.
Market participants are closely monitoring several key economic indicators this week. The euro area’s wage figures and regional purchasing manager surveys could influence the European Central Bank’s upcoming decisions. With these events on the horizon, traders remain cautious but alert for new opportunities.
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