Risk Aversion Rises, Buoying the Yen
Better than expected Spanish manufacturing data failed to lift the euro, which traded near a seven-week low on worries about Italy. [CNBC]
U.K. manufacturing suffered an unexpected contraction in February, and the pound fell. [CNBC]
The yen rose against the dollar, and more against the yen, as the U.S. sequester loomed and risk aversion increased. [marketwatch.com]
With risk aversion growing on worries about sequestration, the Canadian dollar fell to an eight-month low against the dollar. [fxstreet.com]
The Australian and New Zealand dollars edged off recent lows, but remained fragile on concerns about Italy and the U.S. [CNBC]
The IMF said that if U.S. spending cuts take place, it will likely cut its growth forecasts for the U.S. and the global economy. [Reuters]
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