Yen gains as N Korea, Syria spark jitters
London
THE safe-haven yen rose broadly on Tuesday, as investors considered a spectrum of risks including possible US action in Syria and North Korea, and a resurgence in previously written-off contenders in France's presidential race. The possibility of some kind of US military action against North Korea in response to its weapons tests grew after US missile strikes against Syria last week in retaliation for a chemical weapons attack on civilians.
The Japanese currency rose as much as 0.4 per cent to 110.455 yen against the US dollar in morning trade in London, last trading at 110.62 yen. "We did see the yen strengthen and that reflects overall market uneasiness given the escalation of geopolitical risks we have surrounding Syria and North Korea," said Valentin Marinov, head of FX strategy at Credit Agricole in London.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Microsoft adds security chiefs to product groups in wake of hacking woes
Singapore shares climb at Friday’s open; STI up 0.2%