Currencies Update: Seeking refuge 2 August 2010
Friday night’s international session saw a bigger-than-expected slowdown in US 2Q economic growth, which sent global stocks lower and drove up the value of the yen against the US dollar.
The higher-risk currency, the euro, fell against the US dollar and the yen, considered to be “safety currencies”.
However, other risk currencies gained alongside the late rally in US stocks, with the positive sentiment sending the Australian dollar up by 0.1% to 78.20 yen and by 0.4% to 90.43 US cents.