New York : The dollar eased against the yen on Thursday, losing some momentum after hopes of detente in East Asia provided the spark for its largest daily gain in six months the previous session.
The dollar fell 0.3 percent to 106.52 yen, giving back some gains after having surged 1.43 percent on Wednesday, its biggest rise since Sept. 11 of last year.
China said on Wednesday North Korea’s leader Kim Jong Un pledged his commitment to denuclearization while U.S. President Donald Trump tweeted that Kim looked forward to meeting with him.
Japan’s Asahi newspaper reported on Thursday that Tokyo has sounded out the North Korean government about a bilateral summit, just days after Kim met Chinese President Xi Jinping.
All of this has prompted some speculation among traders that a diplomatic breakthrough over North Korea’s nuclear program might be closer at hand than at anytime before, even though the hurdles to a solution remain stiff.
Because of Japan’s status as a net creditor nation, the yen tends to be bought on rising geopolitical tensions and vice versa.
Some traders also noted, however, that currency trading so far this week has been driven by flows related to quarter-end, and for many Japanese firms, the financial year end, on March 31.
“There are a lot of noises this week. We feel quarter-end, and financial-year end flows are somehow larger this year than usual,” said Bart Wakabayashi, Tokyo Branch Manager of State Street.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
