Asian currencies fall on bird flu fears
A World Health Organisation (WHO) report that has found limited human-to-human transmission of bird flu in Indonesia has seen the region's currencies fall against the dollar as investors fear a pandemic and the knock-on economic fall out.
This morning the yen was at 112.1 to the dollar while the Australian dollar stood at 0.7534 to its US equivalent. The pound was at 1.4660 to the euro.
The Thai baht, Indonesian rupiah and Singapore dollar all fell as the WHO confirmed seven family members had contracted and succumbed to the virus in a village in north Sumatra.
The markets will be listening for any further announcements with interest as analysts predict a 'safe haven' effect of investors moving funds to US and European markets.
"All eyes will be on WHO announcements today about this outbreak, so we could see some big moves,'' Matthew Jones, a senior currency dealer at Customs House Global Foreign Exchange, told Bloomberg.
"Any bad news will see a flight to quality and see the US dollar gaining.''