Yen supported by worries over U.S.-China trade dispute
Tuesday, 3 April 2018 08:56 WIB | CURRENCIES | Yen

The yen held firm on Tuesday as simmering U.S.-China trade tensions stirred up fears for the global growth outlook, sapping investors™ risk appetite.

The dollar held steady at 105.91 yen, struggling to gain traction after having fallen for three straight trading days, and trading below a two-week high around 107.00 yen set on March 28.

The yen had risen on Monday as U.S. equities tumbled, with the S&P 500 sliding 2.2 percent as investors fled technology shares amid resurgent worries over a trade war.

The sell-off in U.S. equities came after China imposed extra tariffs on U.S. products, escalating a dispute between the world™s two biggest economic powers.

The yen had risen in March as worries over the risk of a global trade war roiled financial markets. That had sent the dollar down to a 16-month low of 104.56 yen on March 26.

The euro held steady at $1.2303.

Elsewhere, the Australian dollar edged up 0.1 percent to $0.7667, clinging above a three-month low of $0.7643 set last week.

Source: Reuters

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