Safe-haven yen, Swiss franc soar as US slowdown fears flare

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Safe-haven yen, Swiss franc soar as US slowdown fears flare - Channel News Asia

Quick Summary:

TOKYO : The safe-haven Japanese yen and Swiss franc traded near multi-month highs against the dollar on Friday after an unexpected slump in U.S.manufacturing fuelled fears of a downturn, sending stocks and bond yields tumbling.

They were the only two major currencies to outperform the dollar overnight, which itself draws safe-haven flows, paradoxically even when the United States is the cause for concern.

Meanwhile, sterling slipped 0.09 per cent to $1.2723, and earlier dipped as low as $1.27215 for the first time since July 3.