Sterling's resurgence ended on Friday as uncertainty increased following an election debate. Further losses were suffered against the greenback late on as it was revealed that Goldman Sachs had been charged with fraud by the Securities and Exchange Commission (SEC). As a result, traders rushed to buy up safe haven currencies, consequently halting the pound's week's worth of gains over the US dollar. After a positive start to the week following the announcement of the European Union's plans of a €30bn Greek bailout package, the single currency stuttered as economists' concerns grew as talks in Europe continue over the precise details of the EU's bailout plan for Greece.

Sterling

Election opinion polls continue to impact on the currency's movements as fears of a hung Parliament came back to the fore as an overall majority win seems to be the least likely scenario. Significant gains over the greenback were dented and further strength against the euro failed to materialise as a result.

US Dollar

Safe haven flows helped the greenback to halt further losses against sterling. US dollar strength was of particular significance after it was announced that Goldman Sachs had been charged with fraud by the Securities and Exchanges Commission (SEC). It was revealed that the vice president of the US bank had omitted some key facts about a financial product linked to US sub-prime mortgages. The session ended with the US dollar having clawed back some losses taken earlier against the euro.

Euro

The euro experienced further selling pressures as confusion was still rife as to the exact details of Greece's bailout package. No news seems to be bad news as investors await precise details before taking more positions on the single currency.

Japanese Yen

The Japanese yen benefited from increased safe haven flows as investors continue to scale back their positions ahead of a rumoured revaluation of the Chinese yuan. The fraud charges brought against Goldman Sachs in the United States also aided the yen's cause as riskier assets were sold off late on in the session.

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