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Yen Drops to Three-Week Low Before Trump-Kim Summit


Tuesday, 12 June 2018 07:17 WIB

DOLLAR Yen EuroDolar AS


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The yen fell to a three-week low as U.S. President Donald Trump prepares to meet North Korean leader Kim Jong Un, bolstering optimism the two will make progress toward reducing global geopolitical tensions.

Japan's currency declined against all its G-10 peers as haven demand waned. The dollar rose for a second day. The meeting between Trump and Kim at a luxury hotel in Singapore is scheduled to start at 9am local time.

USD/JPY advanced 0.4% to 110.45 after rising to 110.47, the highest level since May 23. EUR/JPY climbed 0.2% to 129.96.

Bloomberg Dollar Spot Index gained 0.2% after rising 0.3% on Monday.

EUR/USD dropped 0.3% to 1.1751 after climbing over the past two weeks amid optimism the ECB at its meeting Thursday will signal some progress toward the end of quantitative easing.

Markets are also looking ahead to meetings this week of the Federal Reserve, European Central Bank and Bank of Japan.

Source: Bloomberg


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