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Dollar rises versus yen, trims gains against euro as battered stocks bounce

Dollar rises versus yen, trims gains against euro as battered stocks bounce

Wed Feb 07 2018


The dollar was firmer against the yen but trimmed gains against the euro on Wednesday when US equities bounced overnight after suffering deep losses earlier in the week.


The greenback had risen against currencies like the euro as investors sought shelter amid the plunge in global equities seen at the start of the week, triggered by a massive decline by Wall Street shares. It was on the defensive against the yen, a perennial haven in times of risk aversion.


“How the dollar will fare with the recent tumult in stocks showing signs of settling down depends on which currency you are looking at,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. “Against the yen, the dollar stands to benefit as relief seen in Wall Street spills over into Asian equities. Against the euro, however, the dollar is likely to be capped, with US-German yield differentials and monetary policy thoughts to dictate direction.”


The dollar was a shade higher at 109.590 yen after rising 0.5 per cent overnight. It had gone to as low as 108.460 the previous day during wild swings in global equities. The euro inched up 0.05 per cent to $1.2383 after slipping to a two-week low of $1.2314 the previous day.


The dollar index against a basket of six major currencies stood at 89.646, nudged away from a two-week peak of 90.034 set overnight.


The Australian dollar was 0.15 per cent lower at $0.7893 but still some distance away from a one-month low of $0.7835 plumbed on Tuesday. The pound was little changed at $1.3956 after touching a low of $1.3838 overnight, its weakest since January 19.


US stocks, the source of the recent global market tumult, bounced about 2 per cent on Tuesday after suffering the biggest one-day sell-off in more than six years.



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