Published Date:
21 November 2008
THE dollar and yen rose against the euro and other currencies from countries with high interest rates as fears of a deep global recession sent investors fleeing for the safest assets. Sterling fell 0.7 per cent to $1.49.
The Swiss franc also fell sharply after the Swiss national bank unexpectedly slashed interest rates by a full percentage point.
With anxiety about economic growth on the rise, investors continued yanking money out of risky assets such as stocks, commodities and high-yield currencies, parking it in US government bonds or the Japanese yen.
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Last Updated:
20 November 2008 9:22 PM
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Source:
The Scotsman
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Location:
Edinburgh
