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Safe-Haven Yen, Swiss Franc Yo-Yo after Iran Strike on U.S. Bases
Wednesday, 8 January 2020 15:56 WIB | CURRENCIES | YenDolar ASfranc,

Currencies whipsawed on Wednesday, with the safe-haven Japanese yen and Swiss franc initially jumping after Iran fired rockets at U.S. forces in Iraq, before they retreated on a perception that the strikes would not lead to a wider regional conflict.

Iran said it had fired 15 missiles at U.S. targets in Iraq early on Wednesday in retaliation for last week™s U.S. drone strike that killed Iranian commander Qassem Soleimani, stoking fears of a new war in the Middle East.

The Japanese yen initially jumped to three-month highs against the dollar before retreating, with the absence of immediate reports of casualties steadying nerves.

The yen, regarded as a haven in times of turmoil by virtue of Japan™s status as the world's biggest creditor, was virtually unchanged on the day at 108.41 per dollar. That stabilisation followed a spike of as much as 0.8% to a three-month high of 107.65 yen per dollar. Switzerland™s currency was steady at 0.9707 francs per dollar, having briefly jumped around 0.4% to one-week highs. Against other major currencies, the dollar was mostly steady, with the euro hovering around $1.1152.

Source : Reuters

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