The yen declined for the first time in three days as demand for the safest assets eased amid a better-than-projected financial forecast from Caterpillar Inc. and a gain in a gauge of business confidence in Germany.
Japan’s currency touched the strongest level versus the dollar in almost seven weeks earlier after emerging-market assets dropped last week. The yen reversed gains as Turkey’s lira rebounded from a record low after the central bank said it would stabilize prices and South Africa’s rand pared losses. Australia’s dollar climbed, and U.S. Treasuries fell.
“The yen is always a bellwether for these types of issues,” Richard Franulovich, chief currency strategist for the northern hemisphere at Westpac Banking Corp. in New York, said in a telephone interview. “If anything, the sore points in China and Turkey have been seemingly addressed for the time being. I don’t think you can be relaxed, there are still a lot of other things going on.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015