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Thursday, 17 Feb 2011
Spread of Middle East Unrest Lifts Swiss Franc
The U.S. dollar declined broadly on Thursday as Middle East tensions boosted the appeal of other safe-haven currencies, with technical factors seen working in favor of a stronger Swiss franc.
Popular unrest in Bahrain, Libya and Yemen as well as concerns about Iranian warships transiting the Suez Canal have fostered uncertainty among international investors in recent days.
The Swiss franc, traditionally sought as a safe-haven during times of geopolitical tension, will likely continue to strengthen against other currencies if events in the Middle East escalate.
