The Japanese yen nearly takes the top spot despite spending most of the week in the red. Improving Japanese economic data and a late week turn in global risk sentiment to negative helped the yen close the week in the green before the Friday close.
Japanese Headlines and Economic data
Opening weakness in the Japanese yen was likely due to broad positive risk sentiment. This likely stemmed from a very bullish start to the week for the Chinese equity market.
Yen pushes higher against the majors during the U.S. session, likely on rising risk aversion sentiment amid refreshed concerns of how the coronavirus will impact the economy.
Thursday’s negative risk sentiment carried into the Friday Asia session as there were no major catalysts or new headlines to shift biases. This environment plus news from Japan of reopening travel with other Asia region economies was likely the reason why we saw further gains in the yen against the majors through the Asia and London trading sessions.
Broad risk sentiment flipped back to positive to knock the yen lower on news during the U.S. session from Gilead that remdesivir coronavirus treatment reduces risk of death.