Dollar Sinks as Yen Soars on Suspected Japanese Intervention

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The dollar index tumbled to a six-week low, finishing down 0.99 percent, as the yen surged on signs of suspected intervention by Japanese authorities to prop up the currency. US economic data added to dollar weakness, with second-quarter GDP rising 1.5 percent annualized, below the 2.0 percent forecast, and the core PCE price index easing to 3.3 percent year-over-year in June, matching expectations. The euro rallied to a six-week high, supported by Eurozone GDP growth of 0.4 percent quarter-on-quarter and a five-month high in the economic confidence indicator. The yen soared 2.57 percent to a two-and-a-half-month high against the dollar, also boosted by a stronger-than-expected consumer confidence index and position squaring ahead of the Bank of Japan meeting. Gold and silver prices settled sharply higher, with August COMEX gold up 63.80 dollars and September silver up 0.928 dollars, as the weaker dollar and Middle East tensions lifted safe-haven demand.

Impact on assets 4

Others± Mixed · 4 stocks
⛏Gold Futures
GOLD
▲ PositiveGeopoliticsrelevance

Weaker dollar and Middle East tensions lift safe-haven demand for gold.

⛏Silver Futures
SILVER
▲ PositiveGeopoliticsrelevance

Weaker dollar and Middle East tensions lift safe-haven demand for silver.

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