Safe haven yen, dollar regain footing as caution builds over bank contagion

Published by
Reuters UK

By Kevin Buckland TOKYO (Reuters) – Safe-haven currencies the yen and U.S. dollar recovered from early steep declines and the risk-sensitive Australian and New Zealand dollars flipped to losses as early optimism ebbed over efforts by global authorities to contain a banking crisis. Japan’s currency, which is particularly sensitive to long-term Treasury yields, rebounded from losses as steep as 0.6% to last be flat against the dollar as the U.S. 10-year yield pared an early decline in Tokyo trading and headed back toward a nearly two-month low. The Aussie, which at one point had been up by 0.7% …

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