Dollar Slump Sends Yen, Franc Up 1% on Foreign Haven Demand
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A drop in the US dollar on Monday helped support overseas currencies, including havens like the Japanese yen and Swiss franc, as investors sell US assets under Donald Trump’s policies — a trend that JPMorgan Chase & Co. expects to continue.
The Bloomberg Dollar Spot Index is down 0.5%, losing nearly 7% this year, as progress on trade deals fail to emerge. A disappointing manufacturing activity report Monday added to concerns over the US economic growth and weighed on the greenback. Other safe-haven currencies like the yen and Swiss franc rose about 1% on the day. The pound jumped to its strongest level in three years.