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The yen and the Swiss franc rose on Thursday as jitters over the chance of Russian intervention in Ukraine added to concern around global emerging markets and drove capital towards the currency world's traditional safe havens.
The broad flight into currencies like the yen and franc that tend to draw investors in times of market stress or risk, also saw the yen gain 0.7 percent against the European single currency and half a percent against the dollar.
Those were the biggest moves this week on major foreign exchange markets and may in part also reflect uncertainty over a big decision in front of the European Central Bank next week on whether to take further action to spur growth.
They also come after the most severe fall in years for the value of China's yuan, reflecting worries that an economy that has propped up global growth for a decade is stuttering.
The Australian dollar had led moves on major currency markets in early European trade, down half a percent against the dollar after weak data on business investment.
A big loser in the second half of last year, the Aussie has regained a foothold in the past month on the back of a change in tone by the Reserve Bank of Australia, previously intent on weakening the currency to support growth.
But most strategists say fair value for the Aussie is well below current levels and it fell to $0.89.
Regional data suggested German annual inflation probably fell in February, pointing to the prospect of a lower euro zone number on Friday that would add to pressure on the ECB to act.
Several market players said the euro zone numbers on Friday, forecast to show price growth of 0.7 percent, would be the tiebreaker for a market deeply divided over whether the bank will tweak policy next Thursday.
The U.S. dollar held near a two-week high against a basket of major currencies with markets looking to initial jobless claims numbers at 1330 GMT for more signs on the pace of U.S. growth.
The dollar index was a touch higher near 80.29.
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