Yen soars on risk aversion as stocks, oil suffer

Thursday, 23. May 2019 19:01

Unconfirmed media reports that the United States may ban Chinese surveillance firm Hikvision and escalate bilateral tensions continued to rattle the markets on Thursday past midsession on Wall Street. Investors turned to safe haven assets as equities took a beating worldwide and concern about the impact of the trade war on the world economy prompted an oil selloff. US Treasuries and the yen were some of the strongest gainers among conventional risk-off holdings.

The Japanese currency touched 138.7115 per pound for the first time since January 15 as the British counterpart was under additional pressure over the government crisis and increased fears of a no-deal Brexit. Sterling's rate was 0.62% lower at ¥138.84 at 7:00 pm CET. The dollar slumped 0.76% to ¥109.514, the lowest mark since May 17.

The euro was 0.48% in the red at ¥122.455 after coming near the weakest point since January 3. The Australian dollar weakened 0.52% to ¥75.546. The Swiss franc, also a widely-watched risk-off asset, retreated only 0.1% to ¥109.155.

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