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are we seeing the possibility of a nuclear exchange

Published on 14 August 2017 in News - Pages by Raffick Marday

Three things worked in the dollar's favour, helping it to strengthen by a cent against the euro and by a cent and a half against sterling. The first two were employment-related US statistics. Friday's figure for the monthly change in nonfarm payrolls showed 29k more people in work than analysts had predicted and Tuesday's "JOLTS" barometer of job openings showed a jump in the number of vacancies. Although neither statistic was massive, they were good enough to encourage investors to reduce their short positions.

The third factor was the escalating war of inflammatory words between the unpredictable leaders of North Korea and the United States. With the possibility of a nuclear exchange growing less inconceivable by the day investors were inclined to seek the safety of safe-haven currencies. The Swiss franc and the yen top that list but it also includes the euro and, ironically, the US dollar.

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