Dollar at six month low

This latest USA political sag came a week after Trump abruptly fired Comey and added to concerns that ongoing political turmoil in Washington could prove a distraction to the Trump administration and delay its plans to move forward with its economic agenda, which includes tax reform and deregulation.

Enough may finally be enough for Wall Street following reports that President Donald Trump asked then-FBI Director James B. Comey to hit the brakes on an investigation into former national security advisor Gen. Michael T. Flynn and his alleged connections to Russian Federation and Turkey.

The latest developments intensified worries about whether or when Trump will be able to implement proposals for business-friendly policies such as tax cuts and deregulation, which have underpinned a record-setting rally on Wall Street. The U.S. dollar declined sharply against the Japanese yen on Wednesday as investors sought safety as talk that U.S. President Donald Trump could face the threat of impeachment boosted safe-haven Japanese yen.

The dollar's index against a basket of six major currencies .DXY =USD dropped to 98.063, essentially giving up all of the gains it made after Trump's election victory in November.

Benchmark U.S. crude rose 41 cents, or 0.8 percent, to close at $49.07 per barrel in NY.

Reports that Trump had tried to intervene in an investigation into alleged Russian interference in last year's US election and that his aides had numerous undisclosed contacts with Russian officials kept market tensions high.

The yen, which saw its biggest daily gain against the dollar since last July on Wednesday, gained another 0.4 percent to 110.24 yen. The Canadian dollar was trading at C$1.3606 to the greenback, or 73.50 USA cents, almost unchanged.

The euro extended its overnight surge to touch US$1.1174, its highest since November.

The yen showed little reaction to data showing that Japan's economy grew by 2.2% year-over-year in the first quarter, ahead of economists' expectations for growth of 1.7%.

Asian stocks climbed to a fresh-two year high on Tuesday on the back of an overnight rise in Wall Street, while oil extended gains after major producers Saudi Arabia and Russian Federation pledged to push for an extension of supply cuts into 2018. "We haven't been dollar bulls for a while and even if we see some more recovery this does just look like the tail-end of the dollar's run (higher)". On Tuesday the S&P 500, the benchmark favored by professional investors, marked its 15th straight day of moving up or down by less than 0.5 percent.

Dow Jones closed up by 0.26 percent, S&P 500 ended up 0.36 percent, Nasdaq finished the day up by 0.71 percent.

The US currency was hurt as Treasury yields declined significantly with allegations against Trump lowering economic stimulus hopes.

Investors piled into US Treasuries, sending yields on the benchmark 10-year note nine basis points lower to 2.24 per cent.

Caution will remain the order of the day however, plenty of unknowns now gripping the markets, Trump creating more than a ripple or two.

Spot gold was at $1,260 an ounce having hit $1,263.02, its highest since May 1, in the previous session. Sterling lost 1.51% to 143.92 against the Japanese currency, while the United States dollar lost 1.71% to 111.94 yen.

Benchmark Brent crude futures ended the session 30 cents higher at $52.51 a barrel while USA crude futures settled up 28 cents at $49.35. "It has paid to be a buyer in every sharp down move we've had over the last five years", said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

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