- The Japanese Yen (JPY) is rising for a second day
- BoJ minutes will be released
- The US Dollar (USD) is falling against major peers
- US elections are taking place
The US Dollar Japanese Yen (USD/JPY) exchange rate is falling on Tuesday for a second straight day. The pair fell 0.56% in the previous week, settling on Monday at 152.13. At 22:30 UTC USD/JPY trades 0.36% lower at 151.56 and is in a range of 152.55 to 151.34.
The yen is benefiting from the uncertainties surrounding the US presidential election and continues to rise following Friday’s Bank of Japan meeting.
The central bank left interest rates unchanged at 0.25%. The minutes of this meeting will be released overnight.
However, attention will be on the US election results as they roll in. Analysts believe that a victory for Kamala Harris has the potential to support Japan’s currency. A win for Donald Trump could boost the Tokyo stock market but put the yen at risk of a deeper downturn.
The US Dollar is falling across the board. The US Dollar Index, which measures the greenback against a basket of major currencies, is falling to 103.41 at the time of writing, down 0.43%, marking the second day of losses.
The US dollar is falling for a second straight day ahead of the US elections. As Americans head to the polls, the greenback is trading under pressure.
The Poly market points to Trump winning the election, with the traditional polls at two close to call, making this one of the closest races to the White House in U.S. history.
Should Trump win the election, his inflationary policies are expected to boost the US dollar. Meanwhile, a win by Democrat Kamala Harris could see the Trump trade continue to unwind, causing the US dollar to fall.
