European currencies weakened Monday as investors, shaken by coordinated attacks in Paris late-Friday, moved into the perceived safety of the U.S. dollar and Japanese yen.“Markets are on the defensive,” said Mark McCormick, a global FX strategist at Crédit Agricole. “International events are at the forefront of investors’ minds.”
The euro EURUSD, -0.1965% traded at $1.0684 late Monday in New York, down from $1.0769 late Friday in New York, dragging other European currencies — including the Hungarian forint USDHUF, +0.24% and Polish zloty USDPLN, +0.1963% — down with it.
The British pound GBPUSD, -0.1052% and the Swiss franc USDCHF, +0.0792% also tumbled, trading at $1.5206 and 1.009 franc to the dollar late Monday. That is compared with $1.5232 and 1.006 to the dollar Friday afternoon.
Emerging-market currencies like the Turkish lira USDTRY, +0.0728% also sold off.
The buck USDJPY, +0.17% bought ¥123.20 late Monday, compared with ¥122.61 late Friday.
In turn, the yen EURJPY, -0.03% traded higher against the euro, with one euro buying ¥131.64, compared with ¥132.09 Friday.
The yen weakened after a preliminary reading on Japan’s third quarter gross domestic product showed the world’s third largest economy has technically entered a recession.
The ICE U.S. Dollar Index DXY, +0.18% a measure of the dollar’s strength against a basket of rivals, was up 0.2% to 99.3870.
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