Posted On: August 30, 2011
Two safe haven monetary units strengthened in value against rival currencies Wednesday morning amid preoccupations that the world's economic recovery from the Great Recession is slackening, Bloomberg reports
The Japanese yen and the Swiss franc performed more strongly against the U.S. dollar and the European Union's shared currency and additional competitor monetary units as unemployment in the 17 nations of the European Union remained at 9.9 percent. The rate has sunk no lower than that level since 2009.
"Investors that think the world is falling apart and are worried about capital preservation still view the yen and the franc as safe havens," currency strategist Elsa Lignos of RBC Capital Markets in London told Bloomberg. "We like the yen - it just seems a little less overstretched than the Swissie."
The yen was driving toward its third-straight monthly advance against the greenback amid the release of a report indicating August has seen employers create less jobs.
the advancing value of the yen and the reducing pace of global development are becoming burdensome to Japan's economy, which is reliant on exports.
Category: Industry News
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