All articles tagged with #safe haven currencies
The US dollar declined sharply as cooling inflation data increased expectations of earlier Federal Reserve rate cuts, while the euro surged to nearly four-year highs amid a hawkish European Central Bank and safe-haven demand due to geopolitical tensions and trade uncertainties.
Japan's Topix Banks Index fell as much as 6.4% on Thursday due to fears of banking turmoil spreading around the world after Credit Suisse's troubles. South Korea's Shinhan Financial Group and KB Financial Group also declined. The Swiss central bank offered financial support to Credit Suisse, which borrowed up to 50 billion Swiss Francs ($53.7 billion) to strengthen its liquidity. Banking shares were hammered in Europe and New York on Wednesday after Credit Suisse's shares fell as much as 30%.