The Japanese yen is retreating — here’s what’s happening in FX

Investing.com

Good morning!

The Japanese yen is retreating as the G7 finance ministers meet in Sendai, Japan.

The currency is weaker by 0.4% at 110.40 per dollar as of 7:43 a.m. ET.

“With dollar/yen back around 110, the FX aspects of the meeting are likely to be muted,” argued Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, in an emailed note to clients.

Notably, most folks aren’t expectinga big, coordinated policy announcement at the meeting’s conclusion.

As for the rest of the world, it’s pretty quiet out there.

Here’s the scoreboard:

• The US dollar is little changed at 95.35 ahead of the week’s final data release. Existing-home sales will be out at 10 a.m. ET. Notably, the greenback has had a pretty strong three weeks.
• The British pound is weaker by 0.3% at 1.4562. A new report from Deutsche Bank’s Jack Di-Lizia suggests that we won’t be seeing a Brexit. With five weeks to go until the vote on whether Britain will leave the European Union, the market has “shown signs of increasingly pricing out the likelihood of a Brexit across a range of financial market variables,” Di-Lizia wrote. As a reminder, the referendum is scheduled for June 23.
• The euro is little changed at 1.1211 against the dollar after dipping below 1.1200 on Thursday for the first time since March.