The yen hit a 16-month high and the Swiss franc hit its highest level since March 15, amid growing fears of a trade war that has prompted investors to resort to safe haven currencies.
The yen fell to its lowest level since November 2016 at 104.62, and the yen's strong rise stemmed from fears of rising trade tensions between China and the United States. Trump signed a memorandum that would target tariffs up to $ 60 billion on Chinese goods.
Also, the Swiss franc benefited from these tensions to rise significantly against the US dollar, as USDCHF fell to the lowest level since the middle of the month at 0.9444.
The Sterling continued to rise this week to mark the biggest weekly gain over the last six weeks, as a reaction to the UK-EU compatibility on transition period, and the Bank of England paves the way for a rate hike in May.
The Bank of England kept interest rates unchanged at 0.50% at yesterday's meeting, but two members voted in favor of a rate hike, boosting interest rates hike in May for the second time since the 2008 global financial crisis.
The GBPUSD hit its highest level since February 2 at 1.4217 following the rate decision.
Today, markets are looking to release inflation data in Canada, and the CPI is expected to rise by 2% in February after rising 1.7% in January.
