Dollar hits 4-month low
The yen also hit a 16-month high against the British pound, trading at 139.90 yen
The yen also hit a 16-month high against the British pound, trading at 139.90 yen. PHOTO: FILE
TOKYO:
The dollar fell to a four-month low against the yen on Tuesday as investors cut exposure to riskier assets as Washington struggled with a partial government shutdown and open confrontation between the White House and the central bank. The dollar fell 0.27% to 110.12 yen in early trade -- its lowest level since late August and extending a seven-day losing streak. The yen also hit a 16-month high against the British pound, trading at 139.90 yen. US stocks plunged more than 2% while oil prices sank more than 6% in a holiday-shortened Monday trade as developments in Washington added to investors’ concern about a slowdown in the global economy next year.
Published in The Express Tribune, December 26th, 2018.
The dollar fell to a four-month low against the yen on Tuesday as investors cut exposure to riskier assets as Washington struggled with a partial government shutdown and open confrontation between the White House and the central bank. The dollar fell 0.27% to 110.12 yen in early trade -- its lowest level since late August and extending a seven-day losing streak. The yen also hit a 16-month high against the British pound, trading at 139.90 yen. US stocks plunged more than 2% while oil prices sank more than 6% in a holiday-shortened Monday trade as developments in Washington added to investors’ concern about a slowdown in the global economy next year.
Published in The Express Tribune, December 26th, 2018.