13.07.202014:16 Forex Analysis & Reviews: Japanese yen gains momentum

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The US dollar is losing ground due to a rise in the number of coronavirus cases in the United States. The American currency has ceased to strengthen. The Japanese yen, instead, is resistant to shocks.

In the United States, more than 60,000 new cases of COVID-19 are confirmed every day. This is the highest level during the entire pandemic period. This leap prevents some American consumers from returning to public places.

Moreover, in Tokyo, Hong Kong and Melbourne, where it was previously possible to contain the infection, new outbreaks of coronavirus were registered again. This exacerbates the situation. However, the Japanese yen rose by 0.4% to 106.81 per dollar amid concerns.

At the same time, the pound sterling, the Australian dollar and the Norwegian krone are losing ground.

China's currency fell by 0.2% to 7.0098 yuan per dollar. However, last week markets saw growth thanks to a recovery in stock prices.

Dmitry Vlasov, East Capital's portfolio adviser in Hong Kong, said there was a fairly large influx into fixed-income markets, as interest rate differences also lead to appreciation of the yuan.

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