The dollar slipped against the yen on Tuesday, as the Japanese currency benefited from its safe-haven status, with the appetite for risk curbed by U.S. President Donald Trump’s hardening defence over his immigration policies.
The dollar was down 0.2 percent at 113.570 yen JPY= after dropping to as low as 113.240. It lost more than 1 percent overnight, when it was knocked off its perch above 115.000.
The latest blow against the dollar was initiated after Trump ordered a temporary ban over the weekend on the entry of refugees and people from seven Muslim-majority countries.
On Monday, the president fired acting U.S. Attorney General Sally Yates after she refused to defend Trump’s new travel restrictions. of the dollar appeared to have briefly gained momentum after Trump’s move, said a dealer at a Japanese bank.
The Bank of Japan’s well-anticipated decision to stand pat on monetary policy on Tuesday had little lasting impact, although the dollar did briefly rise above 113.700 following the announcement before drifting lower again. weakness started overnight, which is much more driven by U.S. policy. The BOJ’s no change decision resulted in a ‘continue on’ with the established direction,” said Bart Wakabayashi, head of Hong Kong FX sales at State Street Global Markets.
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