Greenspan remarks help yen, US dollar

After former US Federal Reserve chairman Alan Greenspan voiced concerns that the Chinese stock market could fall suddenly and dramatically, the yen and the US dollar strengthened and emerging market currencies were halted in their gains versus the greenback.

The yen was higher as investors backed off from risky carry-trades after Mr. Greenspan’s remarks. By midday trade in New York, the Japanese currency had added 0.2 percent against the US dollar, sterling, and the Australian dollar, to ¥121.40, ¥241.20 and ¥99.80 respectively.

Story link: Greenspan remarks help yen, US dollar