The Japanese Yen (JPY) is trading in a narrow range and slightly underperforming its G10 peers as recent haven-driven momentum fades. Signs of a slowdown in the multi-month JPY rally suggest that market turbulence may no longer provide the same lift for the currency, Scotiabank's Chief FX Strategist Shaun Osborne notes.
JPY consolidates as momentum fades
"JPY is quietly consolidating within a tight range and entering the NA session a marginal underperformer against most of its G10 peers. The multimonth rally in JPY looks to be showing signs of deceleration following the latest period of haven-driven strength resulting from trade tensions and market turbulence."
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