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Yen ticks up, Canadian dollar dips after G7 trade fracas


Monday, 11 June 2018 08:09 WIB

DOLLAR YenDolar AS


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The safe-haven yen edged higher while the Canadian dollar fell in early Asian trade on Monday after U.S. President Donald Trump threw the G7's efforts to show a united front into disarray following a verbal spat with Canadian Prime Minister Justin Trudeau.

The yen, which is often used as a funding currency for riskier investments and tends to gain when investors’ risk appetite sags, rose 0.15 percent to 109.40 yen on the dollar.

The Group of Seven summit held in Canada laid bare a deep rift on trade and tariffs between Trump and other leaders as the U.S. president tweeted he was backing out of the joint communique and lashed out against Trudeau.

Trump has infuriated the European Union, Canada and Mexico by imposing tariffs on steel and aluminium imports, and the latest G7 jolt is expected to keep financial markets on tenterhooks amid fears of a global trade war.

The Canadian dollar, which has been dogged by fears Trump may scrap the North American Free Trade Agreement (NAFTA), fell 0.35 percent to C$1.2975.

The euro was little changed at $1.1772, losing steam after having hit a two-week high of $1.1840 on Thursday.

The reaction was moderate as many investors braced for a confluence of big events this week, starting with Trump’s historic meeting with North Korean leader Kim Jong Un in Singapore on Tuesday.

Source: Reuters


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