Yen Slides on Japan Pension Shift; Oil Rises on Iran Tensions
USD/JPY fell 0.3% to 161.80 after Japan signaled a massive pension allocation shift. WTI crude rose 0.7% to $72.60 as Strait of Hormuz closure persisted. Focus turns to US CPI on July 14.
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The yen was the biggest mover in Friday's session, dropping 0.3% against the dollar to 161.80. The move came after Japan's Government Pension Investment Fund signaled a massive shift in its allocation, traders said. That weighed on the currency as the market priced in potential capital outflows.
Oil prices edged higher. WTI crude rose 0.7% to $72.60. US-Iran tensions kept the Strait of Hormuz in de facto closure. A US official said negotiations could still take place. The supply risk premium held.
European stocks were little changed, with indices mixed. US futures pointed lower: the S&P 500 fell 0.1% and the Nasdaq dropped 0.3%, led by tech shares.
The dollar was mixed. EUR/USD held flat at 1.1430. GBP/USD edged up 0.1% to 1.3425.
In bonds, the 10-year Treasury yield ticked up 0.6 basis points to 4.547%. The move was modest.
Precious metals slipped. Gold fell 0.3% to $4,107. Silver dropped 0.9% to $59.45.
The focus next week shifts to the US CPI report for June, due on 14 July. That print will set the tone for forex markets and rate expectations.
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