Key Facts
• July 8: Yen fell in late New York forex trading.
• US President Trump announced 25% tariffs on imports from Japan and South Korea starting August 1.
• USD/JPY rose 0.38% to 146.625 yen.
• EUR/JPY hit a one-year high, up 0.58% to 171.980 yen.
• EUR/USD increased 0.17% to 1.1729 dollars.
• Australian dollar rose over 1%, ending 0.6% higher at 0.653 USD.
• Reserve Bank of Australia unexpectedly kept its policy rate unchanged.
• NZD fell 0.03% to 0.6 USD; GBP dropped 0.04% to 1.3597 USD.
• USD/JPY NY closing: 146.55/146.59; high: 146.97; low: 146.36.
• EUR/USD NY closing: 1.1724/1.1727; high: 1.1738; low: 1.1683.
Summary
The New York forex market on July 8 saw the yen weaken as US President Trump’s announcement of 25% tariffs on imports from Japan and South Korea continued to impact trading. The USD/JPY rose 0.38% to 146.625 yen, while the EUR/JPY reached a one-year high at 171.980 yen. The Australian dollar gained over 1%, supported by the Reserve Bank of Australia’s unexpected decision to hold its policy rate steady. Meanwhile, the euro and US dollar also strengthened, with EUR/USD up 0.17% to 1.1729 dollars. Other currencies, such as the New Zealand dollar and British pound, saw slight declines. Market analysts noted that the uncertainty surrounding US trade policies could affect corporate investments in the short term.
