Currencies

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The US dollar remained under pressure, as demand rose for assets of greater risk and concerns grew over the outlook for US sovereign creditworthiness. Against this backdrop, the US dollar declined around 8.6% against sterling, and nearly 6.5% versus the euro. Meanwhile, sterling appreciated against most other major currencies, regaining previously lost ground amid an apparent stabilisation in the UK banking system. Elsewhere, a combination of an increased demand for risk assets and the relative fiscal health of the New Zealand, Australian and Brazilian economies led these commodity-linked currencies to rally strongly against the US dollar. Meanwhile, the Japanese yen continued to weaken against the other major currencies, weighed down by a revival in investor risk appetite.