Dollar Stood Firm against the Yen as Stocks Recovered from Mitigated Trade War Fears

The Dollar was able to maintain its strength against the safe-haven yen after international stock markets recovered from a sell-off triggered by fears of escalating U.S.-China trade war. The Greenback closed at 106.845 yen, after having pulled higher from a low of 105.990 set the day before. `In times of market turmoil and political tensions, the yen is usually preferred by most forex investors.

Another perceived safe-haven currency along with the yen is the swiss currency. The greenback was traded at 0.9601franc change after rising 0.2 percent overnight. The Euro edged up 0.05 percent to $1.2285.

Mitigated fears regarding a trade war between the two largest economies in the world, the U.S. and China, helped Asian stock recover from previous losses. Nikkei 225 went higher by 1.67 percent. The Topix index added 1.2 percent to its value. South Korea’s Kospi index climbed by 1.35 percent. Australia’s ASX 200 rose by 0.61 percent. Markets in Hong Kong, China and Taiwan were closed due to the Ching Ming Festival.

Oil Gained from Surprising Drawdown in U.S. Stockpiles

Oil went up on Thursday, taking a ride on a late-session rally. Prices were buoyed by the U.S. government data which showed a surprise drawdown in crude stockpiles. U.S. crude inventories went down about 4.6 million barrels last week.

U.S. West Texas Intermediate crude for May delivery climbed 19 cents, 0.3 percent higher, and closed at $63.56 a barrel by 0140 GMT. Front-month London Brent crude for June delivery went higher by 0.3 percent, or 20 cents, towards $68.22. Shanghai September crude futures were untraded because due to a public holiday in China, furthermore, it fell 0.8 percent on Wednesday. Shanghai trading will resume on Monday.

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