US Dollar surges to three-week-peak, yen gains on renewed trade uncertainty

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US Dollar surges to three-week-peak, yen gains on renewed trade uncertainty

On Friday, the 8th of November 2019, the American Dollar had spiked to a three-week-high after attaining some safe-haven appetite following US President Donald Trump’s downbeat comments on an interim Sino-US trade deal, which in effect had stoked a rally for another safe-haven currency Japanese Yen.

Aside from the US President Donald Trump’s off-tune comments over a warding off of China tariffs in separate phases, which had become an integral part to reach a “phase one” trade deal, Trump had fanned the flames of a protracted and costlier Sino-US trade row further on Saturday (November 9th) saying had an interim trade deal to take place, it must be on the United States’ term reiterating that he had no intention up until now to ward off tariffs inclined on China exports, which would likely to extend rallies of safe-haven currencies likes of Japanese Yen alongside Swiss Franc.

Nonetheless, despite a renewed calamitous outlook casting holocaust over both currency and equity markets, Japanese Yen alongside Swiss France would likely to gain further grounds on Monday’s (November 11th) market opening, suggested analysts.

Quoting statistics, on Friday’s (November 8th) market wrap-up, US Dollar index (DXY) measured against a basket of six major currencies on an average rose 0.20 per cent to 98.36 after breaching a three-week-peak during Friday’s (November 8th) intra-day trading, while Euro dropped by 0.30 per cent to $1.1020 against its American counterpart as new ECB Chair Lagarde’s dovishness had started off to add cloudiness over the euro zone currency.

Meanwhile, attaining a safe-haven bullish wing, Japanese Yen gained grounds against the American dollar to round off Friday’s (November 8th) market 0.1 per cent higher to 109.17 Japanese Yen.