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Seeking Safety in Safe Haven Currencies
Less than a week after increasing monetary stimulus, comments from Fed officials suggest that the central bank is doubting the effectiveness of their latest policy action. At the same time, there are fresh worries in Europe that has caused investors to flock into safe haven currencies. Although the dollar is benefiting from risk aversion flows, the two biggest beneficiaries has and will continue to be the Japanese Yen and Swiss Franc. EUR/CHF has seen a nice sell-off over the past few trading days and there is a good chance the selling will continue with a possible move down to 1.33.