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Yen climbs as China halts trade talks with U.S


Monday, 24 September 2018 08:11 WIB

Yen


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The safe haven yen gained on Monday in holiday-thinned trading as China canceled upcoming tariff talks with the United States, ratcheting up.

Most of the action was in currencies as financial markets in Japan, China and South Korea were closed for a holiday.

Investors were squarely focused on the Sino-U.S. trade war as China added $60 billion of U.S. products to its import tariff list, retaliating against duties on $200 billion of Chinese imports that come into effect on Monday.

China also canceled mid-level trade talks with the United States, as well as a proposed visit to Washington by vice premier Liu He originally scheduled for this week, the Wall Street Journal reported.

The Japanese yen, which sees fund inflows during times of crisis, ticked up to 112.5 per dollar while the trade-sensitive Australian dollar slipped from a 3-1/2 week top to $0.7274.

The pound fell as much as 1.4 percent on Friday, its biggest one-day percentage loss since June 2017. It was last at $1.3076 from Friday's $1.3053, the lowest since mid-September.

The euro eased from a three-month peak on Monday to last trade at $1.1747.

The dollar’s index, which measures the greenback against a basket of major currencies, was last at 94.22 to hover near its weakest point since early July.

Source: Reuters


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