- The Japanese Yen (JPY) rises amid a risk-off sentiment
- US stocks tumble again
- The US Dollar (USD) falls against major peers
- IS Challenger job cuts jump 175% YoY
The US dollar Japanese yen (USD/JPY) exchange rate is falling after gains yesterday. The pair rose 0.29% in the previous session, settling on Wednesday at 154.12. On Thursday at 21.30 UTC, USD/JPY trades -0.66% at 153.10 and trades in a range of 152.84 to 154.14.
The Japanese yen is rising sharply amid risk-off sentiment. U.S. stock indices have tumbled lower with the NASDAQ dropping 2% after weak data sparked economic fears, and tech stocks’ valuation worries lingered.
The market was also watching the Supreme Court hearing, which is examining whether Trump’s sweeping tariffs violated U.S. law. The hearing began yesterday on Trump’s use of the 1977 International Emergency Economic Powers Act as a legal backing for his trade tariffs.
The case, which could reshape presidential trade powers, carries major implications for US-China relations and the global market. If Trump’s actions were deemed illegal, the US may need to pay billions in reparations to its trading partners.
The US Dollar is falling across the board. The US Dollar Index, which measures the greenback against a basket of major currencies, is falling 0.48% at 99.72.
The US dollar is falling across the board amid concerns about the country’s economic outlook following weaker-than-expected jobs data.
The Challenger report showed that US employers cut more than 150,000 jobs in October, marking the largest monthly reduction in over 2 decades. Tech firms led the job cuts in the private sector, followed by retailers and the services sector, as industries adopt AI-driven changes and implement cost-cutting measures.
The layoffs had surged 175% from a year ago and from the start of the year to the end of October, employers announced 1,099,500 job cuts, marking a 65% increase from the same last year.
The data has raised concerns about the US economic picture. It comes as the US government remains shut down for the longest period ever, which is not helping fears.