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Swiss franc fades leaving gold as haven currency
Swiss Franc Grapples With Safe-Haven Identity Crisis After Credit Suisse
By Samuel Indyk
Friday, March 24, 2023
LONDON -- The Swiss franc hasn't lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland's bullion vaults than to its currency.
Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS.
The Swissie, often used as a refuge in times of market stress or volatility, lost 0.9% against the dollar in the week after the Swiss finance department said regulators were closely monitoring the situation at Credit Suisse on March 13.
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In that same time, Japan's yen, which is also seen as a refuge in times of tumult, rose 2.6% against the dollar. Since troubles emerged at Silicon Valley Bank on March 9, the yen has gained over 5.5% against the dollar.
Gold, another traditional safe haven, rose over 5% in the week after March 13 to above $2,000 an ounce, its highest in over a year, while government bonds saw some of their biggest inflows in decades. ...
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