Yen Jumps to Eight-week Highs Versus Dollar Amid Escalating Geopolitical Tensions
Aug, 09th 04:35
The Japanese yen rallied versus most of its rivals, jumping to an eight-week high against the U.S. dollar amidst rising geopolitical tensions stemming from the Korean Peninsula.
The pair USDJPY plunged more than 0.4 percent in Asian trading session to trade near the lowest level since mid-June at 109.860 yen. The currency recovered a little bit following a retreat to 109.740 – its weakest since June 15 as geopolitical tensions have ramped up.
In response to a Washington Post report on North Korea’s nuclear capabilities, U.S. President Donald Trump late Tuesday said that any threat North Korea presented to the United States would be met with “fire and fury.” Just hours after Trump’s threats, North Korea announced that it is “carefully examining” plans for firing a ballistic missile toward U.S. Pacific territory of Guam.
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