Yen clings onto gains as U.S.-China trade row supports safe-havens
TOKYO - The yen rose on Friday on renewed concerns about the U.S.-China trade dispute after a report that the White House is delaying a decision on allowing U.S. companies to do business with China’s Huawei Technologies.
The offshore yuan was stable versus the dollar in early trade after an alarming early week slide, but it will be closely watched as traders eye Beijing’s response to escalating trade tensions. “The news about Huawei triggered the rise in the yen,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo.
The dollar index=USD, which measures the greenback versus a basket of six major currencies, was little changed at 97.566.Spot gold rose 0.3% in Asian trading to $1,500.80 per ounce, near the highest in six years, while S&P e-mini futures ESc1 traded 0.5% lower.
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