The Japanese yen edged higher against the U.S. dollar on early Wednesday making the latter hover near its lowest level since mid-April. The greenback suffered from weakness due to U.S. inflation concerns and the rising tension surrounding North Korea.
Yesterday, a diplomat from North Korea warned the American administration that his country was ready to send more “gift packages” to the U.S. In addition, Lael Brainard, a member of the U.S. Federal Reserve's Board of Governors, said the Fed should be watchful about lifting interest rates in the U.S. because inflation was well short of target.
The greenback fell as low as 0.2 percent against the yen closing at 108.60. This dragged down the U.S. currency to a 4-1/2 month low.
The Swiss franc was in the positive territory this week because the on-going geo-political tension in the Far East has driven investors to go long on safe-haven assets. The bitcoin edged up by 0.5 percent closing at $4,350 as it rebounded from its previous decline.
The price of gold surged again for five straight sessions on Wednesday as geopolitical risks at the Korean Peninsula have encouraged investors to purchase safe-haven assets.
U.S. gold futures remained at $1,345.00 an ounce for its December delivery. Spot gold rose more than 0.1 percent to trade at $1,339.87 an ounce after yesterday hitting $1,344.21 – its best level since early September.