The Japanese yen is stronger by 0.8% at 106.12 per dollar as of 1:01 p.m. ET.
The yen is “breaking higher and more gains are in store from here with falling global and local bond yields working as the catalyst,” wrote Morgan Stanley’s Hans W. Redeker in a note to clients.
“The deeper global bond yields fall, the more investors express global growth concerns,” he added.
As for the rest of the world, here’s the scoreboard:
- The British pound is down by 0.2% at 1.4228 after yet another poll showed support for leaving the EU. The latest poll from the Guardian and ICM found that 53% of respondents were pro leaving the EU, while 47% think that the UK should stay. Still, it’s notably that the pound is only down by 0.2% right now – whereas last week the British currency crashed after similar results. Bitcoin is up by a whopping 9.5% at 675.720 per dollar ahead of a “halvening” or “halving” later this month . This is a reduction in the amount of bitcoins produced by mining – the process whereby computers dedicate processing power towards creating new bitcoin. The Chinese yuan fell 0.4% to 6.5864 per dollar, and is nearing its weakest level since the first quarter of 2011. Also, China’s fixed asset investment slowed to 9.6% through May, the first time it’s been below 10% since 2000. Additionally, retail sales rose 10% year-over-year, just missing the 10.1% that was expected. The US dollar index is down by 0.2% at 94.35 on a relatively quiet day for US economic news.