Global investors are starting to show signs of worry after President Donald Trump admitted to sharing classified information with Russia.
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Traders are piling into 3 safety trades
Gold, Treasurys, and Japanese yen all gaining ground.
Paramilitary policemen blow up life buoys during a drill in preparation for the coming of typhoon Chanchu in east China's Zhejiang province May 17, 2006. Typhoon Chanchu, the strongest typhoon on record to enter the South China Sea in May and packing heavy rain and winds up to 170 kph (106 mph), made landfall between the cities of Shantou and Xiamen and was heading northeast, China Daily reported.
US stocks ticked to record highs at the open on May 16, but have since fallen into negative territory. As money moves out of stocks, it has moved into three big "risk off" trades.
The basic outline here is that betting on yen appreciation is popular during periods of heightened uncertainty.
US Treasurys, considered the safest place investors can park their money, and gold, which is a traditional "end of the world" trade, are also often bought by investors in times of stress.
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The yen is stronger by 0.7% at 113.00 against the dollar. Last week, it hit a 3-month high near 114.28. A move through 108.13 will have the yen at its strongest level since the week following Donald Trump's election victory.
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