Yen rallies, emerging currencies dive after oil talks fail

AFP, TOKYO: The yen rallied yesterday in Asia while emerging currencies slumped after the collapse of weekend talks between key producers in Doha aimed at capping output.
Hopes had been high that a deal could be reached to address a global crude glut that has hammered the commodity for the past two years, battering world markets and energy companies.
But Saudi Arabia said it would not take part in a collective freeze that did not include major rival Iran. Tehran had refused to join in as it has only recently resumed exports after the lifting of Western nuclear-linked sanctions.
The news led to a rush for safe investments, with the yen—a go-to asset in times of turmoil and uncertainty—surging against the greenback, while commodity-linked currencies dived.

Yen rallies, emerging currencies dive after oil talks fail

AFP, TOKYO: The yen rallied yesterday in Asia while emerging currencies slumped after the collapse of weekend talks between key producers in Doha aimed at capping output. Hopes had been high that a deal could be reached to address a global crude glut that has hammered the commodity for the past two years, battering world markets and energy companies. But Saudi Arabia said it would not take part in a collective freeze that did not include major rival Iran. Tehran had refused to join in as it has only recently resumed exports after the lifting of Western nuclear-linked sanctions. The news led to a rush for safe investments, with the yena go-to asset in times of turmoil and uncertaintysurging against the greenback, while commodity-linked currencies dived.