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USD/JPY Currency Update

The dollar rallied to a three-week high on Friday, getting some safe-haven bids, as risk appetite for higher-yielding currencies waned with renewed uncertainty about the rollback of existing tariffs, a major component of a preliminary U.S.-China trade deal.
The USD/JPY pair consolidates weekly gains in the 109.30 price zone, having eased just modestly from a fresh multi-month high of 109.48. Market players remain hopeful that the US and China will soon sign a trade arrangement. The stakes are high at this point, and both economies seem to be escalating demands ahead of it.
Wall Street reached record highs Thursday, although the appetite for high-yielding assets receded overnight, with Asian equities struggling with their opening levels and European ones now trading marginally lower. Government debt yields, however, remain near weekly highs.
The US session will bring the preliminary estimate for the November Michigan Consumer Sentiment Index, seen at 95.9 from the previous 95.5.