Asian traders started a new trading week with the same sentiment, unwilling to buy the US dollar. The USD/JPY pair reached a 4-week low near 112.00. The Japanese yen is still winning favor with investors as a safe haven asset. Meanwhile, the US currency is weighed down as investors remained skeptical of the efforts of the Republicans to pass the tax bill. President Donald Trump himself has doubts about implementation of the tax reform. He noted that in any case one of the senators will vote against tax cuts. Japan is the first to present macroeconomic data this trading week. According to Japan’s finance ministry, trade balance for October showed a surplus to 323 billion yen, missing expectations of analysts. Traders are discouraged with export sales. Japanese exports rose 14% in October from a year ago, whereas economists projected a gain of 15.8%. Today, political events determine market developments. The euro sank as German Chancellor Angela Merkel failed to form a coalition government, stocking political uncertainty in the eurozone’s largest economy.
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