Fear over bank turmoil sparks flight to safe haven currencies

Published by
Reuters UK

By Rae Wee SINGAPORE (Reuters) – Safe haven currencies like the U.S. dollar and the yen were in bid on Thursday on renewed fears of a global banking crisis, after contagion from the implosion of U.S.-based Silicon Valley Bank had spread across the Atlantic to Swiss bank Credit Suisse. In the latest blow to investors’ confidence in the financial sector, Credit Suisse’s shares on Wednesday plunged as much as 30%, after its largest shareholder said it could not provide further support to the bank. The rout in its shares prompted the Swiss National Bank to throw a financial lifeline to the embattl…

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