Greenback stabilizes after selloff

Greenback stabilizes after selloff

On Monday, the major US currency soared, drifting away from the previous week's dips versus its major counterparts after North Korea commemorated the anniversary of its founding without conducting any further nuclear or missile tests.

The greenback gained 0.5% versus its perceived safe-haven Japanese rival reaching 108.42 yen, drifting away from a 10-month minimum of 107.32 yen hit on Friday. The Japanese yen tends to derive benefits during times of political and economic uncertainty because of Japan's net creditor nation status.

Evidently, relief over the lack of any further provocative action by North Korea has provoked short-covering in the greenback, as some financial experts state.

Tracking the US currency unit against a basket of six crucial currencies, the US dollar index grew 0.2% hitting 91.522 having skidded to a 2-1/2 year minimum of 91.011 on Friday.

The common currency slid 0.2% reaching $1.2013, having ascended to $1.2092 on Friday.

 

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