Sat, 16 Jan 2021

Currencies take center-stage in Asia, euro tumbles

Lola Evans
16 Aug 2019, 18:31 GMT+10

SYDNEY, Australia - The euro tumbled on Asian markets on Friday, extending losses of recent days.

The friendless euro dropped as low as 110.84 following the Asian trading session, and leading into the European time zone.

The British pound jumped in response as euro-pound positions were unwound. Around the Sydney close the pound was changing hands at 1.2122.

The Japanese yen inched higher to 106.18. The Swiss franc retreated to 0.9789.

The Canadain dollar was weak at 1.3306. The Australian dollar was little changed compared to its Wall Street close.

The New Zealand dollar lost ground, to last trade at 0.6429.

"The most important point is there are more signs of a global economic slowdown," Tsutomu Soma, general manager of fixed income business solutions at SBI Securities in Tokyo told the Reuters Thomson news agency on Friday.

"Rates will continue to fall, and investors will pull back from risk, which means money will leave emerging markets and go to Treasuries, the Swiss franc, gold, and the yen," Soma said.

Stocks in Asia were flat on Friday. The Nikkei 225 in Japan rose 13.16 points or 0.06% to 20,418.91. China's Shanghai Composite rose 8.03 points or 0.29% to 2,823.82.

The Australian All Ordinaries fell 4.90 points or 0.08% to 6,485.90.

The best performer was the Hang Senfg in Hong Kong, which jumped 238.76 points or 0.94% to 25,734.22.

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