Commodity News
HeadLine : Mideast conflict drives yen back to three-month high
Date : Jan 8 2020
The safe-haven Japanese yen jumped and gold shot higher on Wednesday after a rocket attack on a base hosting U.S. troops in Iraq renewed fears of a broader conflict breaking out in the Middle East and sent investors rushing to safety.Rockets were shot at multiple targets including Iraq's al Asad airbase, which hosts U.S. forces, U.S. officials told Reuters, speaking on condition of anonymity. The attack happened hours after the funeral service of an Iranian military commander, whose killing in a U.S. drone strike in Baghdad last week has plunged the Middle East into a new crisis and stoked fears of a wider conflagration. The yen , regarded as a haven in times of turmoil by virtue of Japan's status as the world's biggest  creditor, rose 0.6% to a three-month high of 107.74 yen per dollar. Shares slid and gold jumped $18 an ounce to $1,592.50 per ounce, its highest since 2013. Oil erased recent losses on fears any conflict in the region could disrupt global supplies.

Source : Investing
News Archives: