The Japanese yen led the gains on Monday amid escalation in trade tensions after Trump said he was planning to restrict US companies from selling certain technologies to China.
Given its safe haven characteristic, the yen advanced against major currencies today, where the USDJPY pair traded lower at 109.50 to extend its drop for a third straight session.
The EURJPY slumped 0.46 percent to 127.57 and the GBPJPY fell 0.55 percent to 145.05.
U.S. President Donald Trump is planning to bar many Chinese companies from investing in U.S. technology firms, and blocking additional technology exports to Beijing, according to the Wall Street Journal.
Trump administration is determined to protect US companies from having their tech secrets snaffled by Chinese rivals, the Wall Street Journal said.
The announcement comes after Trump’s threat on Friday to impose a 20 percent tariff on cars imported from the European Union.
Trade tensions still the major event in the market that is shaping investors’ sentiment, and thereby they prefer to hold safe havens and damp risky asset.
The yen appeared to be the favorite, followed by the Swiss Franc, while gold failed to gain haven demand as it traded lower at $1269.40 an ounce.
U.S. stocks futures traded in red, trailing losses in Asia and Europe, ahead of trading that will begin in nearly four hours.
The dollar index, which tracks the green currency’s movements versus a
basket of major currencies, was slightly higher at 94.26.