15 March 2001, 11:36  In currencies, Wednesday's close saw continued >

In currencies, Wednesday's close saw continued safe-haven buying of dollars on all fronts, as a global equity sell-off sent shocked investors scrambling into the U.S. currency, sources said. "There is no place to hide," said Barbara Rockefeller, president of Rockefeller Treasury Services, commenting on the flight to quality, i.e., cash seen in recent days. Rockefeller said there may be another reason for the dollar's strength, especially against the euro. Many Euroland companies, which bought into the United States last year, paid for these purchases in stock. Now, U.S. institutional investors are said to be selling off these Euroland holdings and converting the proceeds back to dollars.

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