USD a safe haven Currency
Sterling failed to benefit from euro weakness, with cable easing to $1.5350, with the pound also losing ground against the euro. Cable has fallen from $1.6250 to $1.5350 over the month as markets have reassessed the scope for further QE following disappointing economic data.
Having fallen to $1.2324 as markets opened, euro-dollar rallied to $1.2350, the cross started May above $1.32, but has since slumped as investors have pulled money out of the eurozone. Data published yesterday showed depositors pulling record amounts of money out of Spanish banks.
USD has seen further strength as the safe haven currency with more signs that the Chinese economy was cooling.
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