Yen hits 7-week high vs dollar as risk sentiment sours

Yen hits 7-week high vs dollar as risk sentiment sours

07 May 2020 09:15 AM
 

The safe-haven yen flirted with a seven-week high against the dollar on Thursday as investors limited their exposure to riskier assets amid dire global economic data, rising trade tensions and concerns over the euro zone.

The yen rose to seven-week high of 106.00 per dollar and last stood at 106.17. Against the euro, it traded at 114.63 yen per euro, having hit a 3 1/2-year high of 114.43 overnight.

President Donald Trump said he was closely watching to see if China is fulfilling its obligations under a Phase 1 trade deal the two countries signed in January before the coronavirus spread globally.

On the economic data front, U.S. private employers laid off a record 20.2 million workers in April in response to the novel coronavirus outbreak.

The euro changed hands at $1.0799  after three straight days of falls so far this week, hit also by the German court decision challenging the country's participation in the European Central Bank's stimulus.