Ammon News - Safe havens the yen and the Swiss franc held near six-month highs on Tuesday while the U.S. dollar nursed broad losses as financial markets grappled with mounting recession worries in the wake of President Donald Trump's sweeping tariffs.

Currency markets were fragile but eerily calm in Asian trade after a volatile 24 hours where the dollar reversed heavy losses against the safe haven currencies as traders took stock of developments.

Global shares have plummeted since Trump announced tariffs last week. China and the European Union swiftly hit back by proposing higher tariffs of their own, which Trump in turn threatened to fight with even higher duties.

In currencies, investors have flocked to the Japanese yen and Swiss franc in the past week, seeking shelter from the market turmoil.

The yen was last slightly stronger at 147.325 per U.S. dollar, near the six-month high of 144.82 touched on Friday. The Swiss franc last fetched 0.85665 per dollar, also close to a six-month high touched in the previous session.

While the dollar is typically known as a safe-haven asset, that status appears to be eroding as uncertainty over tariffs grows, stoking fears that U.S. growth could stutter.

The euro rose 0.58% to $1.0967, not far from the six-month high it hit last week, while sterling was 0.4% higher at $1.2776, inching away from the previous session's one-month low.

The dollar index , which measures the U.S. currencies against six other units, was 0.44% lower on Tuesday. The index is down over 1% since the tariffs were announced.

The risk-sensitive Australian and New Zealand dollars have dropped against their U.S. counterpart in the past week but rose on Tuesday. Reuters