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Yen and Swiss franc near highs as US slowdown fears grow while sterling dips

The Japanese yen and Swiss franc traded close to multi-month highs against the dollar. An unexpected drop in U.S. manufacturing sparked fears of an economic slowdown, causing stocks and bond yields to fall sharply. The yen strengthened overnight, its highest level since mid-March. The Swiss franc gained to its strongest point since early February. These currencies outperformed the dollar overnight, which typically attracts safe-haven flows even when the U.S. is a source of economic concern. In contrast, sterling fell to a fresh one-month low after a drop overnight as the Bank of England began its interest-rate cutting cycle with a finely balanced decision. The euro hovered near a one-month low following dovish remarks from a European Central Bank official. Read more to discover how recent economic developments are reshaping trading strategies in this insightful article.

updates on Yen, Swiss franc and Sterling

Disclaimer:

Traders are advised to prioritize proper risk management to make well-informed trading decisions.

Publication date:

2024-08-04 15:14:50 (GMT)

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