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Dollar sinks 1% against yen as OPEC-deal worries send investors feeling for safety

The dollar fell sharply against the yen and other currencies in Asia trade Monday as renewed uncertainty over the direction of oil production amplified a wave of profit-taking from a post-U.S. election surge.

The U.S. currency fell more than 1% against the yen as jitters over the direction of oil production presented investors with a clear moment to cash in gains made from the rally powered by Donald Trump’s election victory.

Saudi leaders have backed out of a Monday meeting between OPEC members and other non-OPEC producers including Russia, strengthening doubts that an effective deal can be reached on reining in production at Wednesday’s main OPEC meeting.

Read: How an OPEC output deal could catapult U.S. producers back to stardom

“Guys are very, very nervous about the oil scenario and you see that expressed in the sensitive [currency] pair,” said Stephen Innes, a senior foreign-exchange trader at Oanda. That uncertainty was pushing investors into the perceived safety of the yen, he added.

A raft of U.S. economic data due this week also strengthened the case for profit-taking after the initial feel-good expectations for a stimulus...