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Current-account surpluses back in favour as currency traders search for safe havens

That's the key quality behind five rising major currencies

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The euro is emerging as a favoured refuge for investors' cash, backed by a first-quarter current-account surplus equivalent to 2.3 per cent of the economy - the largest since its 1999 debut.

London

THE shakeout in global markets is sending currency traders back to basics.

All five of the major currencies to have strengthened against the dollar in the past month - from the euro and yen to Sweden's krona - are from economies that enjoy a surplus in their current accounts

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