The Japanese yen strengthened on Tuesday as it enjoyed safe-haven demand off the back of news that China’s economy grew less in the third quarter than the second quarter. China’s economy grew at an annual rate of 7.3% in the last three months to September, still higher than the widely expected forecast of 7.2% but still lower than the 7.5% achieved in the second quarter. During a time of global economic and political uncertainty, the yen has served as a safe-haven currency. A slowing global economy could weigh heavily on the US recovery and have implications on the timing of next year’s U.S interest rate hike.
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