10 Mar '11, 11pm

US dollar gets boost from global unease

NEW YORK: Investors flocked to the US dollar on Thursday as Spain received a ratings downgrade, violence surged in Libya and Saudi Arabia, and China reported a rare trade deficit. Global turbulence sent investors piling into the safe-haven currency, sending it higher against the euro, yen, Swiss franc and the pound. "The dollar found a reprieve vs. the euro, trading to fresh weekly lows, after Moody's downgraded Spanish debt," said PNC analysts. The European single currency dropped to $1.3794 from $1.3906 in New York late Wednesday. "This week's downgrades of Greece and now Spain have renewed sovereign debt concerns in the currency market that have been pushed aside since the end of last year," the PNC analysts said. News from other continents did little to ease sentiment. China said it had returned to a trade deficit in February for the first time in nearly a year, as the...

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

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