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Dollar
Declines Amid Growing Recession Worries
Singapore, 8
Apr (ONA) — Safe havens the yen and the Swiss franc held near six-month highs
today while the US dollar nursed broad losses as financial markets grappled
with mounting recession worries.
Currency
markets were fragile but calm in Asian trade after a volatile 24 hours, where
the dollar reversed heavy losses against the safe-haven currencies as traders
took stock of developments.
In
currencies, investors have flocked to the Japanese yen and Swiss franc in the
past week, seeking shelter from the market turmoil.
The yen was
last slightly stronger at 147.325 per US dollar, near the six-month high of
144.82 touched on last Friday.
The Swiss
franc last fetched 0.85665 per dollar, also close to a six-month high touched
in the previous session.
The euro
rose 0.58% to $1.0967, not far from the six-month high it hit last week, while
sterling was 0.4% higher at $1.2776, inching away from the previous session’s
one-month low.
—Ends/AG
