U.S. dollar was outperformed by the Japanese yen as tensions in Syria made investors go long on safe-haven currencies

The U.S. dollar struggled against its Japanese counterpart on early Thursday. The possibilities of military actions in Syria made investors prefer safe-haven currencies like the yen. The greenback was last traded at 106.810 yen after declining about 0.4 percent overnight. The dollar index dropped by 0.1 percent and closed at 89.457.

Looking at other currencies, the euro inched up by 0.05 percent towards $1.2375, recording a 5-day winning streak. Comments coming from European Central Bank (ECB) officials regarding monetary policy normalization gave the European currency a boost. The Canadian dollar reached C$1.2570. The Australian dollar climbed to almost a 3-week high of $0.7773 thanks to rising oil prices.

Gold prices declined on account of expectations of a possible rate hike

The price of gold fell as the released minutes from the U.S. Federal Reserve’s policy meeting showed signs of an interest rate hike in the near future. U.S. gold futures dropped by more than 0.4 percent to finish at $1,355 per ounce. Spot gold slumped by 0.1 percent and settled at $1,351.48 per ounce. On the previous day, the yellow metal reached its best level since January 25 after it ended the session at $1,365.23 per ounce due to concerns over a possible U.S. – China trade war.

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