Asian Stock Markets
The yen stepped back from a two-week high against the dollar on Friday
when North Korea said it was open to resolving issues with the United
States after President Donald Trump called off a June summit with its
leader, Kim Jong Un.
Although the yen and the safe-haven Swiss franc had gained on Thursday in response to heightened worries over global politics, traders were quick to lock in gains ahead of a long weekend in the United States and Britain.
The yen fell 0.3 percent to 109.59 yen in Asian trade following conciliatory comments from North Korean Vice Foreign Minister Kim Kye Gwan.
It had hit a two-week high of 108.955 per dollar overnight in a knee-jerk reaction after President Donald Trump called off the planned summit with Kim.
Trump blamed the cancellation on what he said was Pyongyang’s “open hostility,” and warned that the U.S. military was ready in the event of any reckless acts by North Korea.
The dollar index, which measures the greenback against a basket of six other currencies, was up 0.2 percent at 93.912 and not far from the five-month high it hit on Wednesday.
The dollar had been rising for weeks on its widening yield advantage but lost some of its momentum after minutes of the Federal Reserve’s last policy meeting published on Wednesday were seen as more dovish than markets had expected.
Although the yen and the safe-haven Swiss franc had gained on Thursday in response to heightened worries over global politics, traders were quick to lock in gains ahead of a long weekend in the United States and Britain.
The yen fell 0.3 percent to 109.59 yen in Asian trade following conciliatory comments from North Korean Vice Foreign Minister Kim Kye Gwan.
It had hit a two-week high of 108.955 per dollar overnight in a knee-jerk reaction after President Donald Trump called off the planned summit with Kim.
Trump blamed the cancellation on what he said was Pyongyang’s “open hostility,” and warned that the U.S. military was ready in the event of any reckless acts by North Korea.
The dollar index, which measures the greenback against a basket of six other currencies, was up 0.2 percent at 93.912 and not far from the five-month high it hit on Wednesday.
The dollar had been rising for weeks on its widening yield advantage but lost some of its momentum after minutes of the Federal Reserve’s last policy meeting published on Wednesday were seen as more dovish than markets had expected.
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