Yen, Swiss franc rise on U.S.-Iran tensions

Jan 06 19:01 2020 Print This Article

The safe-haven yen and Swiss franc rose against the dollar on Monday on worries about a broader escalation of conflict in the Middle East after the United States killed Iran’s most prominent military commander.

The moves extended a flight to safety that began on Friday after Iranian Major-General Qassem Soleimani was killed in a U.S. drone strike on his convoy at Baghdad airport.

U.S. President Donald Trump warned of a “major retaliation” if Iran hit back, while Iran’s replacement commander vowed to expel the United States from the region.

“The market is still digesting the implications of the Iran situation,” said Edward Moya, senior market analyst at OANDA in New York. “We’re having a little softness in the dollar against safe-haven currencies, but I think risk appetite will return. If Iran does retaliate, they know they’re toast.”

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