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The yen and Swiss franc rose on Friday as oil prices slid and bank shares led global equity markets lower, stoking a fresh wave of bids for low-risk assets. Jitters about the June 23 referendum on Britain's membership in the European Union intensified the scramble for safe-haven investments, analysts said. "The closer we get to the 'Brexit' vote, the more people will put on cautious positions," said Alan Ruskin, global head of FX strategy at Deutsche Bank in New York.
The Swiss franc reached an eight-week peak against the euro at 1.0872 francs per euro. It was last up 0.3 percent at 1.0877 francs. The Swissie was flat against the dollar at 0.9633 franc, holding above a five-week high set on Thursday. Safe-haven demand also supported the yen. It was up 0.1 percent at 106.94 against the dollar, shaving its weekly loss versus the greenback to 0.4 percent.
The Japanese currency was up 0.3 percent versus the euro at 120.72 yen, hovering near the three-plus year low of 120.29 yen seen on Thursday. Anxiety about the Brexit, with recent polls showing a close vote on whether Britain would stay in the EU, knocked sterling to a seven-week low against the dollar at $1.4313. Traders also ditched emerging-market currencies ahead of the weekend with the South African rand falling 2 percent, as they favored low-risk government bonds, sending yields on Japanese and German 10-year bonds to record lows. The dollar index was last up 0.4 percent at 94.359, putting it on track for a modest weekly gain of 0.3 percent.

Copyright Reuters, 2016

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