Yen strengthened due to tensions in the Korean Peninsula; Euro sank close to a four-week low against greenback

The Japanese yen moved ahead against its major peers on Tuesday after the tension between the United States and North Korea got heated up. Against the greenback, the euro is currently close to its lowest level since August 31.

Yen made some gains following the statement of North Korea’s foreign minister, Ri Yong Ho, on Monday which suggested that U.S. President Donald Trump threatened North Korea by declaring war. The minister also said that they had the right to counteract any form of threat; this included attacking bombers from the U.S. despite not being on their air space.

The yen stood tall against U.S. dollar closing at 11.760 yen after rising to 112.530 in the previous session. The euro was marginally changed at 132.460 yen after it had fallen by 1 percent overnight against its Japanese counterpart.

The euro inched up against the U.S. dollar closing at $1.1856 but remained near a four-week low of $1.1832.

Oil prices stabilized after a huge jump last session

Oil futures took a short break on Tuesday following a 3 percent jump on Monday (Brent and U.S. crude were up by 3.8 percent and 3.1 percent respectively on Monday) as Turkey threatened to cut off oil pipelines from northern Iraq to the world. Tayyip Erdogan, president of Turkey, warned that he might stop crude flows from the Kurdistan region.

Looking at oil futures, U.S. crude fell by 11 cents to settle at $52.11 per barrel; the global benchmark Brent crude added 8 cents closing at $59.10 per barrel.

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