The Yen Rises on Concerns About Corona Vaccine and Technology Stocks

The Japanese yen rose due to growing concerns in financial markets on Wednesday, September 9, and after US technology stocks saw a sell-off the previous day and as a coronavirus vaccine faces delays.

The US dollar was supported by a decline in the stock market prompted investors to sell riskier currencies, while concerns about the fate of the Brexit talks sent the pound to its lowest level in six weeks.

At the start of the European session, the dollar nearly stabilized, giving up early gains against most major currencies as US equity futures trimmed their losses.

AstraZeneca said that it had suspended global trials, including large trials in its final stages, for an experimental coronavirus vaccine due to a disease participating in the study, the cause of which was unknown.

An effective vaccine is important for economies to overcome the effects of the pandemic.

The euro settled against the dollar in the last trading at $ 1.1772 after it fell earlier near the lowest level in three weeks at $ 1.1757 with the rise of the US currency. The dollar fell against the Japanese yen 0.1% to 105.92 after touching an eight-day low of 105.78.

The single European currency has lost about 2% since it reached its highest level in 28 months above $ 1.20 on the first of September, as it was pushed down by comments made by Philip R. Lane, chief economist at the European Central Bank, in which he said that the exchange rate is important for monetary policy.

The Canadian dollar fell to its lowest level in three weeks, but it stabilized in European trading ahead of the Bank of Canada’s decision on monetary policy, due to be issued at 14:00 GMT. Investors do not expect changes to interest rates and will focus on the style of expectations.

The pound was unable to get rid of the pressure as concerns increased that Britain was preparing to abandon a deal of Brexit.

The British currency fell 0.3% to $ 1.2948 after touching its lowest level since July 29. The sterling fell to its lowest level in six weeks at 91.06 pence per euro.