FOREX-Yen, Swiss franc rise as investors embrace safety

  • Reuters
  • Forex News
FOREX-Yen, Swiss franc rise as investors embrace safety

* Trump mulls ban on China's Huawei, ZTE (HK: 0763 ) products -sources

* China industrial firms' profits drop, 1st time in 3 years

* Commodity currencies slump vs dollar as oil prices fall

* GRAPHIC-World FX rates in 2018: http://tmsnrt.rs/2egbfVh (Updates after Wall Street close)

By Saqib Iqbal Ahmed and Richard Leong

NEW YORK, Dec 27 (Reuters) - The yen and Swiss franc rose on Thursday as traders embraced the safe-haven currencies as trading on Wall Street turned volatile after data showed a deterioration in U.S. consumer confidence.

Renewed worries about U.S.-China trade tension rekindled a dumping of U.S. stocks earlier, though stocks reversed course in late trade, with the Dow .DJI and the S&P 500 .SPX turning positive.

Reuters reported the Trump administration was considering an executive order in the new year to declare a national emergency that would bar U.S. companies from using Huawei Technologies HWT.UL and ZTE 000063.SZ products. currencies sagged as oil prices weakened near 18-month lows on excess supply. is getting leery with this kind of market volatility this time of the year," said Joseph Trevisani, senior analyst at FXStreet in New York.

The yen was up 0.3 percent against the dollar at 111.035 yen. This followed an almost 1 percent loss, its biggest percentage fall since April 23.

The Swiss franc climbed 0.83 percent to 0.9875 franc per dollar, reversing most of its 1.1 percent drop on Wednesday.

More broadly, the dollar index .DXY , which tracks the greenback against six major currencies, was 0.51 percent lower at 96.558.

Earlier on Thursday, a measure of U.S. consumer confidence posted its sharpest decline in more than three years in December. dollar has had a great rally this year but it doesn't have much more in it to go further, especially if you are seeing the Fed slow down in rates," said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California.

The Federal Reserve last week raised interest rates for the fourth time this year, but rate futures show traders are skeptical the U.S. central bank will raise rates at all next year. addition to some softening of U.S. business activities, data on Thursday showed earnings at China's industrial firms in November dropped for the first time in nearly three years in a sign of rising risks to the world's second-largest economy. the Chinese yuan strengthened against the dollar in offshore trading at 6.875 yuan, up 0.28 percent.

The Australian dollar AUD= , seen as a proxy for China's growth because of Australia's export-reliant economy, fell 0.51 percent.

With Brent oil prices falling over 4 percent on Thursday, the greenback rose against commodity-linked currencies. The dollar CAD=D4 was up 0.31 percent against its Canadian counterpart, while the New Zealand dollar NZD=D4 fell 0.46 percent. ========================================================

Currency bid prices at 4:01PM (2101 GMT) Description

RIC

Last

U.S. Close Pct Change

YTD Pct

High Bid

Low Bid

Previous

Change

Session

Euro/Dollar

EUR=

$1.1437

$1.1351

+0.76%

-4.66%

+1.1455

+1.1351 Dollar/Yen

JPY=

111.0200

111.3500

-0.30%

-1.46%

+111.3800 +110.4600 Euro/Yen

EURJPY=

127.04

126.40

+0.51%

-6.02%

+127.0700 +126.0100 Dollar/Swiss

CHF=

0.9876

0.9956

-0.80%

+1.37%

+0.9957

+0.9843 Sterling/Dollar GBP=

1.2650

1.2632

+0.14%

-6.38%

+1.2674

+1.2617 Dollar/Canadian CAD=

1.3613

1.3570

+0.32%

+8.24%

+1.3660

+1.3566 Australian/Doll AUD=

0.7032

0.7065

-0.47%

-9.86%

+0.7077

+0.7017 ar

Euro/Swiss

EURCHF=

1.1296

1.1300

-0.04%

-3.36%

+1.1312

+1.1242 Euro/Sterling

EURGBP=

0.9039

0.8983

+0.62%

+1.76%

+0.9059

+0.8979 NZ

NZD=

0.6699

0.6728

-0.43%

-5.46%

+0.6740

+0.6694 Dollar/Dollar

Dollar/Norway

NOK=

8.7665

8.7649

+0.02%

+6.82%

+8.8050

+8.7383 Euro/Norway

EURNOK=

10.0290

9.9509

+0.78%

+1.82%

+10.0580

+9.9386 Dollar/Sweden

SEK=

9.0059

9.1014

-0.25%

+9.81%

+9.0988

+8.9930 Euro/Sweden

EURSEK=

10.3050

10.3310

-0.25%

+4.74%

+10.3485

+10.2660

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC-World FX rates in 2018:

http://tmsnrt.rs/2egbfVh

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

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