HONG KONG, May 13 ― The yen held most of its overnight gains today, after falling US yields and market jitters propped up the Japanese currency while another Wall Street selloff drove flight-so-safety bid to dollar, which remains near 20-year high peaks.
“The yen is perhaps the most obvious signal of a shift from a world where yields were dominant and risk was resilient , to a world this week where the dominant force is sour risk appetite driving yields lower ,” said Alan Ruskin, macro strategist at Deutsche Bank in a note. Investors are continuing to move towards safe-haven assets fearing central bank rate hikes to constrain inflation could hit global economic growth while MSCI's gauge of stocks around the world fell to its lowest level overnight since November 2020.
The euro was at US$1.038 approaching its 2017 low of US$1.034. A break past that would be its lowest in nearly 20 years.Sterling hunkered down at US$1.2206, and the Aussie dollar was also bruised at US$0.6887.
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