Economic news

Euro slips as traders seek safety

The euro fell to a fresh 13-month weak point, emerging market currencies dipped further and the yen climbed to a six-week top on Monday as the fallout from the Turkish lira’s crash pushed traders into safe-haven currencies.

Photo: Reuters

The single currency sank to $1.1365, a 13-month trough, before recovering slightly.

The greenback, which has risen since the lira crisis exploded, advanced 0.1 percent to 96.463 versus a basket of major currencies, just below its 13-month top of 96.522.

The Swiss franc leaped to 1.1288 to the euro, but was virtually flat against the dollar. The safe haven yen edged up half a percent versus the dollar to 110.35 after earlier touching a six-week peak of 110.11.

China’s yuan slid 0.4 percent in offshore trading to 6.8942 yuan a dollar.

The lira wobbled at around 7 lira per dollar on Monday, losing almost 10 percent on the day.

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