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JPY weaker as tensions seem to ease - BTMU

FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, sees the Japanese currency losing the grip as of late.

Key Quotes

"geopolitical tensions ease modestly weighing on the yen The yen has continued to weaken modestly in the Asian trading session reflecting an easing of investor concerns over heightened geopolitical tensions in the near-term. The Ukrainian government has agreed to organise an international humanitarian convoy to Lugansk in eastern Ukraine."

"The convoy will be led by the International Committee of the Red Cross with the participation of the EU, Germany, and Russia. Dmitry Peskov, a spokesperson for Russian President Putin stated an agreement with the Ukrainian government was finalised over the weekend. Mr Peskov also stated that there will be no military accompanying the Russian convoy."

"The Red Cross has stressed that it needs agreement from all parties as well as security guarantees to carry out the operation. The ICRC does not accept armed escorts."

"European Commission President Barroso discussed yesterday the planned aid convoy with Russian President Putin at which he warned “against any unilateral military actions in the Ukraine, under any pretext, including humanitarian”. It followed comments earlier in the day from Nato secretary general Rasmussen warning there was a “high probability” of direct intervention by Russian military forces in the Ukraine."

"“We see the Russians developing the narrative and the pretext for such an operation under the guise of a humanitarian operation and we see a military build-up that could be used to conduct such illegal military operations in the Ukraine”. In these circumstances, it is understandable that investors remain cautious over ongoing developments in the Ukraine providing modest support for the yen."

"The negative impact of ongoing developments in the Ukraine upon the Russian economy was evident again yesterday in the release of the latest GDP report for Q2. The report revealed that the annual rate of real GDP growth in Russia slowed further to 0.8% in Q2 from 0.9% in Q1."

"The Economy Ministry had projected real GDP growth of 1.1%Y/Y. It is also thought that real GDP would expand on a seasonally adjusted basis by 0.1%Q/Q in Q2 after contracting by 0.5%Q/Q in Q1 avoiding a technical recession."

Portugal Consumer Price Index (MoM) fell from previous 0.1% to -0.7% in July

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