USD/JPY weakens to lowest since May 8

A wave of risk aversion hit markets after Trump cancelled the planned June 12 summit with Kim Jong-Un in Singapore.

The US dollar was generally lower and particularly soft against the yen after the news. USD/JPY is down sharply for the second day, falling to 109.15 from a high of 110.12 today.

It has been a miserable day for risk assets between this, the auto tariff move and weak US housing data today. I think there's a good chance it gets worse before it gets better.

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