Risk aversion has been driving forex markets, sending commodity and emerging world currencies lower while underpinning the haven yen. The Swiss franc remained on a back foot, illustrating the success the SNB has had in dismantling the currency's safe haven credentials. Haemorrhaging oil prices were at the epicentre of troubles, with some contracts of crude plunging by over 5% into 12-year terrain. Most other commodity prices also fell, with the exception of gold and other precious metals, while global equities headed southwards, led by a 3.5% decline in China's Shanghai Composite.
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