Economy

Finance News: Gold Rising On North Korea Fears

Finance News: Gold Rising On North Korea Fears”

The dollar slipped against the Japanese yen and Swiss franc on Tuesday as global tensions simmered amid signs that North Korea could conduct more missile tests. That brought it back close to its August 29 nadir of 108.265 yen, its weakest since mid-April.

The Federal Reserve's rate hikes over the past year and a half may be harming the economy, Federal Reserve Bank of Minneapolis President Neel Kashkari said Tuesday.

The Dow Jones Industrial Average (.DJI) fell 234.25 points, or 1.07 percent, to 21,753.31, the S&P 500 (.SPX) lost 18.7 points, or 0.76 percent, to 2,457.85 and the Nasdaq Composite (.IXIC) dropped 59.76 points, or 0.93 percent, to 6,375.57.

Continuing tensions following North Korea's recent nuclear test-its most powerful yet-were also a concern for investors.

As a result, the yen has continued to behave as a safe-haven currency despite Japan's proximity to North Korea. The comments came "at a sensitive time for markets", he said.

The Stoxx Europe 600 fell 0.4% in the early minutes of trading, dragged down by falls in the financial and energy sectors.

In this context, she would be cautious about tightening policy further until the Fed is confident that inflation is back on track to achieve the 2% target.

"We all know she's really dovish.but her comments were pretty explicit regarding inflation".

Traders might try to sell the dollar if it bounces against the yen, given the ongoing focus on North Korean risks, he added.

By 10:45 am local Jakarta time Indonesia's benchmark Jakarta Composite Index was down 0.27 percent to 5,814.43 points, while the Indonesian rupiah had appreciated 0.01 percent to IDR 13,337 per U.S. dollar at the same time.

Gold was up USD5 at USD1235 an ounce, near its highest in a year.

The Canadian dollar last traded at C$1.2395 CAD=D4 per US dollar, having set a two-year high of C$1.2336 on Tuesday ahead of the Bank of Canada's interest rate decision on Wednesday.

The central bank has raised rates four times since December 2015 and has indicated it expects to hike again before the end of the year.

In a Reuters poll published on Friday, 24 of 33 economists surveyed said Canada's central bank was most likely to raise interest rates in October.



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