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Euro `safe haven'

Euro `safe haven'

THE EURO is seen as the latest "safe haven" by European fund managers who are worried by the prospect of deation and falling corporate profitablity in Asia and the US.

Of the 68 European fund managers interviewed in the August survey by Gallup for Merril Lynch, 74 per cent said they favour the euro over the next 12 months, with only 23 per cent picking the US dollar as their preferred currency, and a mere 2 per cent the yen.