Published by Mark Smith-HalvorsenHedge currencies were making gains this morning (June 29th) as macroeconomic concerns provoked caution among foreign exchange brokers.The dollar and the yen were up against a basket of currencies, with high-yield assets such as the Australian and New Zealand dollars falling particularly sharply.Speaking to Bloomberg, Alex Sinton, a senior dealer at ANZ National Bank in Auckland, commented: "We're seeing risk easing off with talk coming out about a double-dip recession. There's a bias to the downside for both the Aussie and kiwi."The Australian dollar has lost 5.8 per cent against the greenback since the end of March, ending a four-quarter run of gains against the global reserve currency.Concerns about the European debt crisis and a return to global economic contraction have been the principle cause for the flight to safety, while US manufacturing and jobs data have also disappointed.The yen has also jumped in recent weeks and this morning the currency was at a seven-week high against the dollar and a three-week high against the euro.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site