Yen, franc sink as fading risks take shine off safe havens
The yen and Swiss franc fell to five-week troughs on Thursday as investors looked for higher-risk currencies, emboldened by a report of German stimulus plans, diminishing chances of a no-deal Brexit and hopes of a trade war breakthrough.
“Over the past 24 hours there has been a move towards more risk-friendly, pro-growth currencies,” Rodrigo Catril, senior foreign exchange strategist at National Australia Bank in Sydney.
“But it is kind of a lull period following a whole stream of positive news last week. We’re in a wait-and-see mode with major risk events like Brexit and trade negotiations being kicked down the road.”
The pound stood just under a six-week high of $1.2385, hit overnight after a British law blocking a no-deal exit from the European Union came into force.
Trading Central – USD/CHF
Trading Central – USD/JPY
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