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Yen Gains as Trade War, Global Growth Fears Weigh
Monday, 12 August 2019 15:20 WIB | CURRENCIES |DOLLAR Yen Euro

The safe haven yen was broadly higher on Monday as uncertainty over the next stage in the U.S.-China trade war and growing fears over a slowdown in global growth hit market sentiment.

Uncertainty over the U.S.-China trade dispute persisted after U.S. President Donald Trump on Friday said he was not ready to make a deal with China and even cast doubt over a round of trade talks due to take place in September.

The greenback was down 0.18% against the yen to 105.46 by 0:27 AM ET (07:27 GMT), not far from a seven-month low of 105.25 hit on Friday.

The euro was also weaker against the Japanese currency at 118.04 yen and close to its lowest since April 2017. The British pound was at lows not seen since 2016, trading at 127.27 yen.

The dollar was a touch lower against the offshore yuan after the Chinese central bank's daily fixing came in firmer than market expectations. That helped eased some fears that Beijing would use its currency as a weapon in its trade war with Washington.

Source : Investing.com

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