Dollar stabilizes

Wednesday, 29 January 2014 00:02 - - {{hitsCtrl.values.hits}}

Reuters: The dollar regained a firmer footing against the yen on Tuesday as investors took a breather from a sell-off of stocks and emerging market assets that has driven money into traditional safe haven currencies.

European shares bounced back after three days which have knocked 3.5% off the MSCI world stock index and hammered the developing world’s more fragile economies including Turkey, Argentina and Ukraine. That has benefited the euro, dollar, yen and Swiss franc while hurting currencies more closely linked to commodity prices and growth in emerging markets like China, such as the Australian dollar. The Aussie, helped by an upbeat business survey, rose 0.7% against its U.S. counterpart on Tuesday.