Downturn fears support dollar, Aussie slumps to two-year low

Published by
Reuters UK

By Iain Withers LONDON (Reuters) – Gathering gloom about prospects for the global economy lifted the safe-haven dollar on Friday and pressured risk-sensitive currencies, with the Australian dollar tumbling to a two-year low. Rampant inflation and a rush by central banks to raise interest rates and stem the flow of cheap money has fuelled sell-offs across markets and lifted assets seen as safer bets. Fresh data on Friday showed euro zone inflation hit another record high in June, while separate statistics showed manufacturing production in the bloc fell for the first time in two years. The doll…

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