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13 August 2017, 05:45 | Hattie Nash
CURRENCIES: Dollar Slides Vs. Swiss Franc As US-North Korea Discord Prompts Run To Safety
Secretary of State Rex Tillerson later insisted the US isn't signalling it's about to mete out a military response despite threats from North Korea suggesting it could attack Guam, a USA island territory in the Pacific.
After North Korea claimed Trump is "driving" the Korean peninsula to the "brink of a nuclear war", the president responded with a tweet suggesting the United States is prepared to take military action against the communist nation.
"Most investors will be completely out of their depth in making any assessment on the (North Korea) situation", said Koon Chow, emerging market FX strategist at fund manager UBP.
"With European, U.S. and Asian markets all suffering heavily in anticipation of a potential conflict in Asia, it is worthwhile noting that we have heard similar posturing between Trump and Kim Jong Un before", said Mahony.
A statement from the North Korean military called President Donald Trump's warning that the communist nation would face "fire and fury" if it continued its provocations a "load of nonsense".
The index's losses mirrored global markets, which fell after incendiary words between the United States and North Korea.
The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent to 93.545 (.DXY), edging closer to last week's 15-month low of 92.548.
Currency traders consolidated positions in the Japanese yen and Swiss franc, and pushed up the dollar index by unwinding some of the recent bets on the euro.
But "the yen may be expected to lose its safe-haven status if US-North Korean tensions continue to escalate", leaving the Swiss Franc, and possibly the US dollar, as the remaining beneficiaries of risk aversion, Emmanuel Ng, currency strategist at OCBC Bank in Singapore, wrote in a note.
Gold, another classic safe haven asset, was trading at around $1,285 per ounce, up more than two percent this week and near a nine-week high. Brent crude was up 30 cents at $53.00 a barrel.
Disappointing US inflation and jobs data have not helped the dollar. The Standard & Poor's 500 index was almost flat at 2,474.02. It soared over 2 percent in the previous two sessions, and is set for a weekly gain of 2.25 percent.
The thirty-year bond auction drew a high yield of 2.818 percent and a bid-to-cover ratio of 2.32, while the ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.29. Macy's sank 10.3 percent and Kohl's lost 5.8 percent.
Markets are now awaiting U.S. consumer price data for July, due later in the session.
U.S. producer prices unexpectedly recorded their biggest drop in almost a year, and the number of Americans filing for unemployment benefits unexpectedly rose last week.
Amid the hot rhetoric, USA stocks sold off sharply on Thursday, with the S&P 500 falling more than 1 percent.
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Shares of Snap (SNAP) are also seeing pre-market weakness after the parent of Snapchat reported a wider than expected second quarter loss on revenues that came in below expectations.
Equities fall on rising tension between US & North Korea
It's been a similar story across most Asian markets, with stock falls of at least 1% a common feature of today's session. European stock markets fell further in opening trade on Friday on intensifying fears over North Korea, dealers said.
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With Champions League football back at Old Trafford this season it appears that Mourinho is determined to use any possible artillery to achieve his and the club's goals. "I will just go with everything I have to try to win every match we play".
Stocks Claw Back Gains but North Korea Keeps Pressure on
The Nasdaq Composite, meanwhile, was facing its worst week since the one ended December 2, which logged a loss of just over 2%. The single-session equity put/call ratio jumped to 0.83 - the highest since April - and the 21-day moving average rose to 0.65.