March 13, 2014 / 4:25 PM / in 3 years

FOREX-Dollar hits one-week low vs yen after Kerry remarks

2 Min Read

NEW YORK, March 13 (Reuters) - The dollar fell to a one-week low against the yen midday Thursday following remarks from U.S. Secretary of State John Kerry, who spoke of a U.S.-European response against Russia which has backed a referendum vote in Ukraine's Crimea region.

The vote is currently set to take place on Sunday and would determine whether the area would join Russia.

The United States and the European Union will respond on Monday with a "serious series of steps" against Russia if a referendum in Ukraine's Crimea region goes ahead on Sunday, U.S. Secretary of State John Kerry said at a congressional hearing.

Fears that this crisis could intensify led traders to shift into the Japanese yen and Swiss franc, which are seen as safehaven currencies in times of geopolitical tension.

The greenback was down 0.7 percent against the yen at 102.04 yen after touching a one-week low of 102.02 according to Reuters data.

The dollar was 0.2 percent lower at 0.8719 Swiss franc after hitting near 2-1/2-year low of 0.8731 franc earlier.

The euro trimmed its earlier gain versus the dollar, last up 0.2 percent at $1.3926 after reaching $1.3967 in European trading.

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