Sunday, 23 September, 2018

Dollar near 5-month low vs yen amid geopolitical risk

Andy Uhler Andy Uhler
Orlando Vargas | 12 April, 2017, 09:10

The euro was steady on the day at to $1.0599 after plumbing $1.0568 overnight, its lowest level since March 9, amid uncertainty ahead of France's upcoming presidential election.

NEW YORK, April 11 The dollar fell broadly on Tuesday as geopolitical risk and declining U.S. Treasury yields pushed traders out of the greenback.

Further adding to global tensions overnight was a report from state media in North Korea that the reclusive nation is prepared to launch a nuclear attack on the USA on any sign of American aggression.

On Tuesday, North Korean state media warned of a nuclear attack on the United States at any sign of American aggression, as a U.S. Navy strike group steamed toward the western Pacific - a force U.S. President Donald Trump described as an "armada".

British Foreign Secretary Boris Johnson cancelled a planned trip to Moscow, while London said Russian Federation was responsible "by proxy" for civilian deaths in an apparent chemical weapons attack in the Syrian town of Khan Sheikhoun, which prompted the U.S. strike.

European stocks closed mostly lower on Monday following last week's USA airstrikes against Syria. The strike drew sharp criticism from Russian Federation, and questions from USA allies about future policy.

The dollar retreated against a basket of currencies as US Treasury yields dipped on concerns over tensions with North Korea and Syria.

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Two years ago, Maria Corina Machado, a former congresswoman was banned from office as was a former mayor, Daniel Ceballos. While the opposition leadership condemned the violence, they blamed President Nicolas Maduro for fueling the unrest.


During the past month, the 10-year yield has fallen 28 basis points; the five-year note has lost 27 basis points and the 30-year bond is 24 basis points lower.

Oil prices hovered near five-week highs and gold edged up while Asian markets are trading mostly lower, led by declines in Hong Kong, Japan and China.

The dollar fell broadly on Tuesday, almost touching a five-month low against the Japanese yen, as geopolitical risk and declining U.S. Treasury yields pushed traders out of the greenback, Reuters reported.

Spot gold XAU= was last at $1,254.70 per ounce.

US gold futures ended the session 1.6 per cent higher at $1,274.20.

TopTradr analyst Tony Cross said: "Geopolitical risks remain high, with the French elections as well as the threat of military action both in the Middle East and against North Korea casting a shadow over markets, so today could well end up being one where many traders elect to remain on the sidelines - with one eye being firmly on risk mitigation ahead of the long weekend break". Energy benefited from reports that Saudi Arabia wants to extend last year's production freeze agreement for another six months when OPEC meets again on May 25.

The market, which retreated early in US trading, turned positive after reports that Saudi Arabia said it wants to extend production cuts enacted in January for another six months when the group meets in May, according to the Wall Street Journal. US crude settled up for the sixth day in a row with a 0.6 percent rise to $53.40.

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