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Yen on Backfoot as Returning Confidence Dulls Safe-Haven Allure


Thursday, 29 August 2019 08:10 WIB

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The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit.

In Asian trade, investors will keep a close eye on stock markets, following gains on Wall Street overnight, as well as the Chinese central bank’s daily yuan fixing and any news of U.S.-China trade talks.

Sentiment in the currency market is likely to remain fragile, because there are still signs of stress. The U.S. Treasury yield curve remains inverted, which is commonly considered a sign of an impending recession.

Against the dollar, the yen was steady early in Asian trading at 106.06 yen after falling 0.3% on Wednesday.

The dollar index which measures the greenback against a basket of six major currencies, rose 0.16% to 98.189.

The pound held steady at $1.2217 on Thursday and was last quoted at 90.74 pence per euro following a 0.5% decline on Wednesday.

Source : Reuters


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