The demand for havens drove the Swiss Franc to a record high vs. the USD Thursday, as Crude Oil prices rose in the wake of the latest wave of chaos to strike North African Oil producer Libya.

Meanwhile, the Yen returned to levels at which Japanese authorities become uneasy and speculation about Bank of Japan intervention added to volatility on foreign exchanges.

As Global equity markets resumed their sell-off Thursday, with many extending their losses into a 4th consecutive session, investors/palyers sought safety, damaging the currencies of emerging markets and boosting the Franc and Yen.

Other so-called safe havens, such as Gold and US Treasuries, have also outperformed riskier asset classes as investor/players worry about the possibility of high Crude Oil prices slowing the pace of economic recovery.

The traditional safe haven currencies of the Yen and the Swiss Franc are currently outperforming as fears build that escalating social and political tensions in Africa and the Middle East will lead to a significant supply-driven Crude Oil price shock dealing a sizeable negative blow to Global growth. We here at LTN do not believe it will play out that way, Crude Oil will have to tap 120 bbl for that to happen. The World is awash with Crude Oil and Nat Gas, there is not supply shortage.-Paul A. Ebeling, Jnr.