The yen surged to a seven-week high against the dollar, while the Swiss franc climbed to a five-week peak against the euro on Friday as investors sought refuge in safe-haven assets after a selloff in emerging market currencies.
This week, the Turkish lira plunged to a record low and the Argentine peso suffered its largest one-day decline in more than a decade. The South African rand, meanwhile, dropped to its lowest in five years on Friday, while the Brazilian real slid to a five-month trough.
"Global investors remain firmly risk-averse—the selloff in emerging markets this week, triggered in part by the steep decline in the Argentinian peso—has fuelled renewed concerns about the eventual withdrawal of liquidity as the Federal Reserve tapers its quantitative easing program," said Samarjit Shankar, director of market strategy at BNY Mellon in Boston.
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