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Dollar holds near 2-1/2-month yen high on U.S.-China partial deal, pound stands tall

The dollar held near a 2 1/2-month high against the yen on Monday after Washington and Beijing announced progress towards a trade deal, while sterling hovered near a three-month peak on hopes for an orderly British exit from the European Union. On Friday, the dollar strengthened against the safe-haven yen to as much as 108.63 yen, its highest level since August 1, before U.S. President Donald Trump said the United States and China had reached a 'Phase 1' trade deal. In early Asian trade on...

Asia shares cheered by Sino-.U.S. trade progress

Asian share markets pushed higher on Monday as signs of progress in the Sino-U.S. trade standoff whetted risk appetites, while pressuring safe-haven bonds and the yen. Liquidity was lacking, however, with Japan off and a partial market holiday in the United States for Columbus Day. MSCI™s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.5%. Australia's main index gained 0.9% and South Korea .KS11 firmed 1.3%. While Tokyo was on holiday, Nikkei futures were...

Yen Surges, Offshore Yuan Tumbles as Trade War Intensifies
Monday, 26 August 2019 07:57 WIB | CURRENCIES |Dolar YenDolar AS YuanSwissFranc

The yen surged on Monday as investors flocked to safe-haven assets after a sharp re-escalation in the U.S.-China trade war, which whacked investor confidence and darkened the global economic outlook.

The yuan also tumbled in offshore trade, weighed by expectations of a deeper slowdown in China as the world™s two-largest economies exchanged barbs over trade.

The Swiss franc and gold, two assets sought during times of heightened risk aversion, shot up in early Asian trade.

The yen surged to 104.46 per dollar, the highest since a flash crash this January, before paring gains to 104.70, up more than 0.5%.

The yen will next target 104.10 per dollar, which is the high it reached during a flash crash on Jan. 3 that roiled financial markets, Daiwa Securities™ Ishizuki said.

In the offshore market, the dollar rose 0.6% to 7.1850 yuan, the highest on record.

The dollar fell 0.2% to 0.9729 Swiss franc.

Source : Reuters

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POPULAR NEWS
Dollar holds near 2-1/2-month yen high on U.S.-China partial deal, pound stands tall

The dollar held near a 2 1/2-month high against the yen on Monday after Washington and Beijing announced progress towards a trade deal, while sterling hovered near a three-month peak on hopes for an orderly British exit from the European Union. On Friday, the dollar strengthened against the safe-haven yen to as much as 108.63 yen, its highest level since August 1, before U.S. President Donald Trump said the United States and China had reached a 'Phase 1' trade deal. In early Asian trade on...

Asia shares cheered by Sino-.U.S. trade progress

Asian share markets pushed higher on Monday as signs of progress in the Sino-U.S. trade standoff whetted risk appetites, while pressuring safe-haven bonds and the yen. Liquidity was lacking, however, with Japan off and a partial market holiday in the United States for Columbus Day. MSCI™s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.5%. Australia's main index gained 0.9% and South Korea .KS11 firmed 1.3%. While Tokyo was on holiday, Nikkei futures were...

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