Corporate foreign exchange news

Safe haven currencies up on Egypt worry

Monday, 31 January 2011 09:12:02 GMT

Published by Mark Smith Halvorsen
Currencies such as the dollar and the yen have risen in the week's early trading on the foreign exchange market as concerns about the ongoing unrest in Egypt continue to affect risk appetite.
Thousands of protestors in Egypt have continued to defy a curfew and have remained on the streets calling for President Hosni Mubarak to step down. The curfew is due to be extended by one hour today (January 31st).
A number of traders said the ongoing demonstrations are leading investors to avoid riskier assets.
"We cannot ignore the possibility that the chaos will spill over from Egypt into oil-producing nations," Kenji Sekiguchi at Mitsubishi UFJ Asset Management in Tokyo told Bloomberg.
Other markets have also been affected by the unrest, with commodity prices rising in recent trading sessions.
Currencies such as the dollar, yen and Swiss franc are likely to be the safe havens of choice while the Egyptian crisis remains, a number of experts have said.
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