Market Sentiment Turns Positive After Trump’s Speech, Yen Takes Hit

The Japanese yen fell against its most-traded rivals during the Wednesday’s trading session as the market sentiment was positive following the first speech of US President Donald Trump to the Congress.

Truth be told, Trump’s speech lacked details about his plans for bolstering the US economy, exactly as market participants had feared. Yet apparently his uncharacteristically calm and reasonable language as well as absence of any outrageous statements were enough for markets to feel less nervous and to spur risk appetite. Many analysts argued, though, that markets were actually driven mostly by hawkish comments from Federal Reserve officials, while Trump’s remarks had limited impact.

USD/JPY rose from 112.76 to 113.83 as of 12:35 GMT today. EUR/JPY advanced from 119.26 to 119.79.

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