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Dollar rises against yen after Kim Jong-il death

Dollar rises against yen after Kim Jong-il death
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Forex traders saw the dollar gain against the yen for the first time in three days after the death of North Korean leader Kim Jong-il heightened concern among investors that Asia could be plunged into uncertainty.

The dollar moved forward 0.2 percent to 77.90 yen and gained 0.1 percent to $1.3033 per euro, reports Bloomberg.

Europe's seventeen-nation currency made a small advance of 0.1 per cent, taking it up to 101.52 yen.

Sara Yates, a foreign exchange strategist at Barclays in London, told the news provider that the market was seeing a number of good reasons to move towards the relative stability of trading in dollars.

"We haven't particularly got any further forward in Europe and now we've got more uncertainty in Asia with what's happening in North Korea," she explained.

The euro managed some gains on the dollar late last week as it increased by 0.15 per cent to reach $1.3034, Reuters noted.

Posted by Greg SeckerADNFCR-1681-ID-801243387-ADNFCR