TOKYO - The dollar hovered near a six-week low versus the yen on Thursday, weighed down against the safe-haven Japanese peer as risk aversion gripped broader markets amid concerns the U.S.-China trade conflict could escalate.
The U.S. currency stood at 109.910 yen after going as low as 109.70 overnight, its weakest since March 25. Washington has accused Beijing of backtracking on commitments made during trade negotiations and U.S. President Donald Trump has threatened to hike existing tariffs on Chinese goods on Friday and impose fresh levies soon if there is no deal.
While the possibility that the fresh trade talks will fall through “is not yet a main scenario, the currency market is gradually beginning to price in such a likelihood,” he said. Against the dollar, the euro was flat at $1.1190 , having spent the week in a tight $1.1218-$1.1155 range.According to the latest Commodity Futures Trading Commission data, speculators have further raised their net long dollar bets, including those against the yen.
so my 500 yen piece is actually worth about $5 now? sweet...
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