Sydney - The yen retreated after the biggest jump since July and emerging-market stocks rose as investors assessed the impact from Donald Trump’s efforts to rework US trade pacts and comments from US Treasury Secretary nominee Steven Mnuchin on the dollar’s strength.
The dollar pared earlier losses sparked by Mnuchin’s comments that a strong US currency could have a negative short-term effect on the economy. Equities in Tokyo fell to the lowest of the year while the MSCI Emerging Markets Index headed toward a three-month high.
Gold retreated after touching the highest since November while oil climbed toward $53 a barrel. The yield on 10-year Australian bonds fell a second day.