Yen sinks as traders put on risk

18 Jul, 2016

NEW YORK: The Japanese yen sank against the dollar and euro Monday as investors turned to riskier assets after the military coup in Turkey failed.

The dollar surged 1.3 percent against the yen from late Friday, to 106.14 yen. The euro put on 1.6 percent to 117.56 yen.

Traders piled into the yen late Friday as military factions in Turkey attempted to overthrow the government of President Recep Tayyip Erdogan.

Erdogan's quick assertion of his power within hours stifled the putsch, and with the country appearing calm by the end of the weekend, traders were encouraged back to equities and riskier currencies.

The euro meanwhile was slightly higher against the dollar at $1.1075 ahead of a European Central Bank meeting this week expected to hold monetary policy firm.

EUR/USD 1.1075 1.1041

EUR/JPY 117.56 115.70

EUR/CHF 1.0882 1.0853

EUR/GBP 0.8355 0.8380

USD/JPY 106.14 104.79

GBP/USD 1.3257 1.3174

Copyright AFP (Agence France-Presse), 2016

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