NY Open: Pre-Thanksgiving profit-taking sinks greenback
Market sentiment is on the shaky side as US markets open, with flagging trade deal optimism, a dovish Fed and some profit-taking all taking their toll.
An ugly week for equities and the rising threat of a trade war between the world's two largest economies have pushed the Japanese yen higher on its customary risk-off surge.
Looking at the charts, Saxo Bank global macro strategist Kay Van-Petersen says that the break below 105.00 could prove crucial for USDJPY with the 102-103 area coming into view and 100 not far away.
Beyond the yen, of course, the pronounced stagger in risk sentiment places focus on gold and US Treasuries, with Van-Petersen sharing his views on each.