Korean Artillery Fire Boosts Dollar

News that North and South Korea had exchanged artillery fire had investors running to the perceived safety of the dollar leading. By 8:36 am in New York this morning, the dollar gained 0.9 percent to $1.3508 per euro from $1.3627 yesterday.The Swiss franc also gained 0.9 percent to 1.3367 against the euro.

“The news out of Korea drives safe-haven trades, and that benefits the dollar and Swiss franc,” said Jane Foley, senior foreign-exchange strategist at Rabobank International in London.

Source: Bloomberg

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