The dollar opens this week with decreasing figures; it is down against yen and euro as the new administration under President Donald Trump stimulates doubt and tension. Yen rises earlier today even under the risk-averse that looms around the country. The Australian dollar also opens with a 3-week low after concerns emerge on domestic labor conditions.

According to the chief market strategist, Joe Trevisani of Worldwide Markets based in Woodcliff, New Jersey "The more you see the lack of achievement on the part of the administration with respect to its campaign goals, the rougher it's going to be for the dollar," The weakening dollar is currently being pulled down by the President Trump’s selection for the Supreme Court justice, the issue triggered question for his capability to overcome economic agendas.


Euro’s Positive Outlook Sinks the Dollar

Due to the current political fickleness in the US, it continues to largely fall behind major currencies such as the euro. The euro manage to edge up 0.2$ against the greenback earlier today, trading at $1.0670. The euro manages to keep a positive outlook after receiving denting and mixed data out of Europe and the looming political tension in the euro zone.


Yen Overtakes USD

Despite the risk of aversion, the Japanese currency remains unscathed. According to Barclays Tokyo’s senior strategist, Shin Kadota, "The dollar is feeling pressure against the yen from an interest rate spread point of view, with Treasury yields having fallen to one-month lows as Wall Street despite decent data,"

The yen continues to trample the US currency, making it lose as much as 0.4% trading at 110.440 yen, after plummeting to a record low this week at 110.370. The Japanese safe-haven boosted its way past several major currencies as well; the euro lost an estimated 0.5%, while the Australian dollar declined as much as 0.7% against the yen.

According to the Brown Brothers’ senior currency strategist, Masashi Murata "This is a case of negative mood prevailing over other factors, like positive data, which would otherwise support the dollar," Murata also mentioned that "It is difficult to pinpoint the cause of the negative mood, but it won't go away until immediate concerns towards the Trump administration are soothed. That might not take place until the U.S.-China summit is out of the way."


AUD Falls Amidst Domestic Labor Issues

The AUD decreased as much as 0.3% at $0.7578, making it a three-week low of the currency. The current domestic labor and inflation conditions weigh the currency so much this past week, the Reserve Bank of Australia’s has decided to keep its cash rate at a record low of 1.5$ earlier today surprising investors.

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