Yen Spikes with Intervention in Focus; Oil Rallies on Iran Fears

GLOBAL MARKET - LONDON. Japan's yen spiked sharply higher against the dollar on Friday as traders evaluated the possibility of an intervention to support the currency, while oil prices rallied after U.S. President Donald Trump ratcheted up pressure against Iran.

Safe-haven gold was at record highs and MSCI's global equities gauge was modestly higher with muted Wall Street moves after a choppy week while U.S. Treasury yields fell. The yen was volatile, with two sudden spikes raising market speculation that authorities had conducted a rate check, often a precursor to intervention.