The Japanese yen is surging as most stocks around the world are lower.
The currency is up by 0.8% at 101.93 per dollar as of 12:45 P.m. ET.
Most major indexes around the world, from Germany’s DAX to Hang Seng in Hong Kong, were lower on Monday.
Investors generally consider the yento be a safe-haven currency, and so they tend to rush into it when things get rocky in the markets.
However, major US stock indexes turned positive in trading in the early afternoon ET after opening lower and ahead of a key speech from a Federal Reserve governor.
As for the rest of the world, here’s the scoreboard as of 12:47 p.m. ET.
- The Russian ruble is up 0.3% at 64.6055 per dollar as Brent crude oil, the international benchmark, is up by 0.5% at $48.28 a barrel, after being down by 2.2% earlier in the day. The euro is little changed at 1.1240 against the dollar. Separately, the EU opened an unprecedented ethics investigation into Jose Manuel Barroso taking a job at Goldman Sachs. The US dollar index is down by 0.2% ahead of Minneapolis’ Neel Kashkari and Fed Gov. Lael Brainard speeches at 1 p.m. and 1:15 p.m. ET, respectively. The British pound is up by 0.4% at 1.3323 against the dollar . The Australian dollar is down 0.1% at .7532 per dollar.