Lloyds riding high on flight to safety
The bank expected this volatility to prompt investors to unwind riskier positions and flee to comparably safer currencies, with the yen and the dollar being the main benefactors.
"We considered what was important in terms of safety given the extreme volatility in the market at the time," said Jeavon Lolay, senior economist at Lloyds TSB in London. "We expected the yen to benefit from people getting out of currencies like the Brazilian real and the Mexican peso."
Lloyds TSB also expected the
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