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Yen Erases Decline Against Euro After Russian Report on Missiles - (Bloomberg)

Posted by Chris Advincula on Sep 3, 2013 7:28:00 AM

The yen erased a decline against the euro after RIA Novosti reported that the launch of two ballistic rockets was detected in the central Mediterranean, boosting demand for the safest assets.

Japan’s currency pared a decline against the dollar as the Russian state-run news service cited Defense Minister Sergei Shoigu as saying the missile trajectory suggested the rockets were headed toward targets in the eastern Mediterranean. Switzerland’s franc also pared a drop.

“It’s a reminder that we live with uncertainty about how events in the Middle East will play out,” said Kit Juckes, a global strategist at Societe Generale SA in London. “The market reaction to the Russian newswire announcement of a missile launch in the Med was limited to a knee-jerk buying” of the Swiss franc and the yen, “partly because there is no other news or confirmation,” he said.

The yen was little changed at 131.03 per euro at 10:24 a.m. London time. It was little changed at 99.47 per dollar after weakening to a one-month low of 99.70.

The franc was 0.1 percent weaker at 93.57 centimes per dollar after sliding as much as 0.3 percent. 


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