The dollar weakened and funds flowed into gold on Wednesday on concerns spurred by emails showing President Donald Trump's son met with a Kremlin-linked lawyer whose stated goal was to assist Moscow in influencing the U.S. election.
Donald Trump Jr. on Tuesday released emails about a controversial meeting he attended with a Russian lawyer offering "high level and sensitive information" damaging to Hillary Clinton. Those messages show he was told prior to the meeting that the effort was part of the Russian government's support for his father's presidential campaign.
The meeting matters because a special counsel and congressional committees are investigating Russian attempts to influence the 2016 election and whether the Trump campaign colluded with the Kremlin.
The president's legal team has said the elder Trump did not attend the meeting and had no knowledge of it.
Stocks in the U.S. initially dropped on the emails' release on Tuesday, but later recovered.
Other market plays, however, were moving more decisively.
For one, traditional safe-haven gold climbed, trading as high as $1,220.35 an ounce in Asian hours on Wednesday, compared with as low as under $1,208 on Tuesday.
The dollar was also getting hit, with the dollar index, which measures the greenback against a basket of currencies, falling as low as 95.592 in Asia trade on Wednesday, from levels as high as 96.174 on Tuesday.
The safe-haven yen also climbed, with the dollar fetching as little as 113.38 yen in Asia trade on Wednesday, down from as high as 114.45 yen on Tuesday.
The euro was among the biggest beneficiaries, rising as high as $1.1483 in Asia trade on Wednesday — its highest since May 2016 — from levels under $1.14 on Tuesday.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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