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Forex - Yen gains on safe-haven demand after deadly blast at Manchester

Published 05/22/2017, 07:48 PM
Updated 05/22/2017, 07:49 PM
Yen gains in Asia

Yen gains in Asia

Investing.com - The yen gained on Tuesday in Asia on safe-haven buying after at least 20 people were killed and possibly "hundreds" of others were injured after one or more loud bangs were heard Monday night at an Ariana Grande concert at Manchester Arena in England.

USD/JPY changed hands at 110.94, down 0.32%, while AUD/USD traded at 0.7473, down 0.07% and GBP/USD was last quoted at 1.2999.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.12% to 96.88.

Overnight, the dollar fell against a basket of major currencies on Monday, weighed by surge in the euro, after German Chancellor Angela Merkel said the single currency was “too weak."

Speaking to students at a secondary school in Berlin, Merkel said that the euro is “too weak”, as a result of European Central Bank accommodative monetary policy.

EUR/USD soared to a six-month high as investors believed that Merkel’s comments would pressure ECB policymakers to consider tapering the central bank’s expansive monetary stimulus package, which includes ultra-low interest rates.

The dollar made a poor start to the week, coming off the back of its worst week in more than a year, after a tumultuous week in U.S. politics led investors to doubt whether President Trump would be able to deliver on his pro-growth initiatives to boost the economy.

The Trump administration has promised to introduce a pro-growth agenda, widely viewed as inflationary, which includes tax-reform, deregulation and a $1 trillion infrastructure spending package.

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