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Yen Soars as Recession Jitters Grip US

5 Aug 2024 , 10:53 AM

On Monday, Japan’s yen rose to its highest level versus the dollar since January, as markets extended moves initiated last week after dismal US jobs data fuelled recession fears and anticipation of further Fed rate cuts.

Friday’s jobs data, combined with a run of negative earnings announcements from huge technology businesses and heightened fears about the Chinese economy, sparked a global sell-off in stock markets, oil, and high-yielding currencies as investors sought cash.

The selling continued on Monday, with US Treasury yields falling further, stock indices tumbling, bitcoin plummeting, and the dollar losing territory, primarily to the yen.

High-yielding currencies, such as the Indian rupee and Mexican peso, fell, while currencies that were previously used to fund investments, such as the yen and China’s yuan, rose sharply.

The yen, a popular carry-funding currency, traded at 143, up 2.3% against the dollar and at levels last seen on January 2. It increased to 142.20.

The Swiss franc, another favoured funding currency, went up more than 1% to 0.8488 per dollar.

The euro went up 0.2%. $1.0937, the dollar index was down 0.4% at 102.72, and the Australian dollar was worth $0.6488, down 0.36%.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Dollar
  • FOREX
  • Yen
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