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  • Amid the market turmoil, the US dollar continued to strengthen against the other major global currencies, as investors' preference for short-term US Treasury deposits reduced the global supply of US dollars in circulation. The Japanese yen also rallied 2% against the US dollar due in part to its being perceived as a relatively safe haven. Elsewhere, both sterling and the euro fell against the US dollar as the full force of the economic crisis became felt across Europe. Overall, the sharpest declines against the US dollar were sustained by resource-linked currencies such as the Brazilian real, the Norwegian krone and the Australian dollar which each came under intense pressure.

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