Gold and Bitcoin fall amid signs traders are unwinding previously popular wagers.
– The yen’s stunning revival is upending global markets, dragging the yuan higher and hammering assets from Japanese stocks to gold and Bitcoin as investors reassess their leveraged bets.
The stronger currency, which hurts Japanese exporters, helped send the Nikkei 225 index into a technical correction. It lifted the yuan to the highest in over a month, while battering the likes of the Australian dollar as carry trades fall out of favour. The yen’s new-found strength has come as an added source of volatility for global assets already rocked by fading enthusiasm about the artificial-intelligence frenzy that had powered Wall Street this year. But momentum will be tested in the coming week as fresh US data come due and both the Bank of Japan and Federal Reserve meet.
The yen’s earlier gains softened throughout the New York session after the release of second-quarter US data, which showed the economy accelerating faster than anticipated. The data “could burnish the appeal of the high-yielding, safe-haven King USD and help it outperform across the board,” said Credit Agricole head of G-10 FX strategy Valentin Marinov.
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