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Yen supported by worries over U.S.-China trade dispute


Tuesday, 3 April 2018 08:56 WIB

Yen


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The yen held firm on Tuesday as simmering U.S.-China trade tensions stirred up fears for the global growth outlook, sapping investors’ risk appetite.

The dollar held steady at 105.91 yen, struggling to gain traction after having fallen for three straight trading days, and trading below a two-week high around 107.00 yen set on March 28.

The yen had risen on Monday as U.S. equities tumbled, with the S&P 500 sliding 2.2 percent as investors fled technology shares amid resurgent worries over a trade war.

The sell-off in U.S. equities came after China imposed extra tariffs on U.S. products, escalating a dispute between the world’s two biggest economic powers.

The yen had risen in March as worries over the risk of a global trade war roiled financial markets. That had sent the dollar down to a 16-month low of 104.56 yen on March 26.

The euro held steady at $1.2303.

Elsewhere, the Australian dollar edged up 0.1 percent to $0.7667, clinging above a three-month low of $0.7643 set last week.

Source: Reuters


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