The yen keeps falling

Good morning!

The Japanese yen is weaker against the dollar for the second day in a row, currently down by 1.0% at 103.85.

The dollar is now at its highest level against the yen since the day of the Brexit vote.

The yen’s fall against the dollar overlaps with the two-day rally in Japanese stocks.

As for the rest of the world, here’s the scoreboard as of 7:41 a.m.:

  • The British pound is soaring by 1.2% at 1.3140 against the dollar after the confirmation that Theresa May will be the new leader of the Conservative Party, and will take over the role of Prime Minister starting on Wednesday.
  • The euro is stronger by 0.3% at 1.1087 against the dollar after German CPI came in line with expectations, rising 0.1% in June month-over-month.
  • The Australian dollar is stronger by 1.3% at .7629 against the dollar, effectively recovering all of its post-Brexit losses.
  • The US dollar index is weaker by 0.2% at 96.33 ahead of Fed Chair Janet Yellen’s favourite economic report, the JOLTS Job Openings, which will cross the wires at 10 a.m. ET.

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