Yen buoyed as investors seek safety

Yen buoyed as investors seek safety

13 Aug 2019 03:39 PM
 

The Japanese yen remained near seven-month highs on Tuesday and the U.S. dollar rallied, as investors unnerved by the Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina's peso currency sought safety.

Investors have flocked to the yen amid an escalating trade war between China and the United States and worries about a global economic slowdown. The Japanese currency, along with the dollar and Swiss franc, is a safe haven in times of uncertainty.

The yen got a fresh boost from growing unrest in Hong Kong and surprise election results in Argentina that led to a rout in the country's currency, the peso, and stocks and bonds.

The yen was higher at 105.11 per dollar. It reached 105.05 on Monday, a seven-month high and, excluding the January flash crash, its strongest since early 2018.

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