On Monday, the Japanese yen and Swiss franc witnessed significant strengthening against the U.S. dollar, reflecting traders’ preferences for safe-haven currencies amid ongoing trade tensions and economic slowdown fears in the U.S.
The yen advanced by 0.7% to 147.035 per dollar, marking its most robust performance in five months, while the Swiss franc reached a three-month high at 0.87635 per dollar, following concerns over tariffs imposed by U.S. President Donald Trump.
Simultaneously, European markets saw similar activity, with the euro furthering its gains after a strong performance last week. Investor’s faith waned in the previously outperforming U.S. economy, leading to a notable decrease in net long dollar positions from previous highs. Domestic developments, like wage increases in Japan, also played a part in currency movements.
(With inputs from agencies.)