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Yen near seven-month high versus dollar; Hong Kong, Argentina woes fuel risk aversion


Tuesday, 13 August 2019 08:39 WIB

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The yen stood near a seven-month high against the dollar on Tuesday as unrest in Hong Kong and gyrations in Argentina's markets heightened investor risk aversion and fanned demand for the safe-haven Japanese currency.

The yen traded at 105.400 per dollar after brushing 105.050 overnight, its strongest since Jan. 3.

The yen has been on a solid footing this month, supported by factors such as U.S.-China trade tensions and the prospect of further monetary easing by the U.S. Federal Reserve.

The currency has received a fresh boost from deepening unrest in Hong Kong, where the international airport was closed to flights for several hours on Monday amid ongoing demonstrations. Surprise primary election results in Argentina, which resulted in a rout in the country's peso currency, stocks and bonds, have also added support.

Source : Reuters


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