Economic news

Yen erases gains as risk appetites improve

The yen reversed early gains on Wednesday and slipped as risk appetites revived with Asian stock indexes surging, despite trade issues and disappointing U.S. corporate earnings.

Photo: Reuters

The yen sank 0.12 percent to 112.43. It climbed 0.32 percent in the previous session and was the strongest G-10 currency amid a sell-off on Wall Street.

The dollar index fluctuated at 95.91, sliding 0.03 percent.

The pound ticked up 0.05 percent to $1.2988. It has slumped 2 percent against the greenback in over a week amid worries over Brexit prospects.

The Canadian dollar wobbled at 1.3083. The Bank of Canada is widely expected to increase its key interest rate later today by 25 basis points to 1.75 percent.

The euro was stable at $1.1472, although bearish sentiment versus the single currency amid Italy's budget fears have capped significant gains.

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