TOKYO: The yen sustained its gains against the dollar after a slump in US retail sales driving the shares to get weaker, spurring demand for haven property.
Japan’s currency maintained gains against most of its major counterparts amid concerns steep declines in global equities and commodities signal the global economy is slowing. A gauge of the dollar slid for the first time in three days yesterday as traders pushed back the timeline for the Federal Reserve to raise interest rates. Australia’s dollar was near a five-year low before the nation announces the jobless rate for last month.
“If sentiment weakens with a crash in commodities like copper, dollar-yen could test 115,” said Keisuke Hino, a currency trader in New York at Mizuho Bank Ltd With US stocks plunging and “commodities still looking volatile, the dollar isn’t likely to rise steadily,” he said.
The yen rose 0.1 per cent to 117.27 as of 8:30am in Tokyo from yesterday, extending a four-day advance after touching 116.07 in New York, the strongest since December 16. It gained 0.1 per cent to 138.22 per euro, stretching its rally to a sixth day, the longest streak since September 2012.
The euro was little changed at US$1.1790 (RM4.22) after dropping to as low as US$1.1727 yesterday, the least since December 2005.
The Bloomberg Dollar Spot Index, which tracks the US currency against 10 major peers, dropped 0.3 per cent to 1,140.20 yesterday. It closed at 1,147.54 on January 8, the highest in data going back to 2004.
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