The Japanese yen and Swiss franc retreated on Thursday as the United States and ...
TOKYO - The Japanese yen and Swiss franc retreated on Thursday as the United States and Iran backed away from the brink of further conflict in the Middle East.
The yen, regarded as a safe haven in times of geopolitical turmoil because of its deep liquidity as well as Japan’s current account surplus, quickly reversed its gains made after Wednesday’s missile strike., jumping back sharply from a three-month low of 107.65 yen touched on Wednesday.The dollar rose to 0.9738 francfrom Wednesday's low of 0.96655 while the euro bounced off to 1.0814 franc EURCHF=R from 21-month low of 1.07825 set on Wednesday.
“So markets have interpreted the attack as mainly for Iran’s domestic audience. U.S. public opinion also does not support a war with Iran. So for people like us, short-term traders, the lesson from yesterday was that you can make money by taking advantage of knee-jerk market reactions from news headlines and markets could become more risk-tolerant,” he said.
Given various risks — from rising U.S. corporate debt levels, already frothy U.S. share valuations to economic and political uncertainties in Europe — global growth is more likely to be steady around 3%, rather than accelerating, said Nouriel Roubini, CEO of Roubini Macro Associates in New York., flirting with its lowest prices in almost two weeks, not helped by weak German industrial orders data.
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