Swissie reaps safe-haven rewards
MARKET NEWS
LONDON – Safe-haven flows benefited several currencies last week as heightened tensions in the Middle East and market rumours increased investors’ risk aversion.
The Swiss franc – a traditional destination for flows in times of political and market uncertainty – was one of the main beneficiaries, market participants said. The Swissie strengthened to around $1.565 last week from this year’s low of $1.722 on January 31.
“We’re seeing money flowing into Switzerland,” said Dave Durrant,
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