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THE dollar and yen rose against the euro and other currencies from countries with high interest rates as fears of a deep global recession sent investors fleeing for the safest assets. Sterling fell 0.7 per cent to $1.49.
The Swiss franc also fell sharply after the Swiss national bank unexpectedly slashed interest rates by a full percentage point.
With anxiety about economic growth on the rise, investors continued yanking money out of risky assets such as stocks, commodities and high-yield currencies, parking it in US government bonds or the Japanese yen.
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Weather for Edinburgh
Saturday 26 May 2012
Today
Sunny spells
Temperature: 9 C to 20 C
Wind Speed: 15 mph
Wind direction: East
Tomorrow
Sunny
Temperature: 11 C to 21 C
Wind Speed: 10 mph
Wind direction: North east
