18 Aug '11, 10pm

Market turmoil boosts forex safe havens

NEW YORK: Another day of panicky stock market selling pushed the euro down and the Swiss franc higher on Thursday, while gold hit a new record high and US bond yields plumbed all-time lows. The euro lost against the dollar, falling to $1.4337 from $1.4428 at 2100 GMT. Despite moves to stall its rise by the Swiss central bank, the Swiss franc gained to 1.1380 francs per euro from 1.1400 francs late Wednesday. But the dollar edged up, buying 0.7936 francs compared to 0.7897. The markets were driven by new fears of recession in Europe and the United States after a Morgan Stanley report warned that growth in both was almost completely stalled. Fears were enhanced by several economic data reports in the United States showing a fuel and food-led pickup in inflation in July, a downturn in industry in the important Philadelphia region, still-poor home sales and no improvement in t...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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