The foreign exchange market experienced significant volatility on Friday as stock markets tumbled, leading investors to flock towards safe-haven assets. A report revealing that the UK’s upcoming budget won’t increase income taxes further weighed down the British pound. This instability was further fueled by heightened concerns about the Federal Reserve’s December rate decision. With recent statements from Fed officials suggesting a decrease in likelihood of an easing, market sentiment shifted, leading to a sell-off of high-valued U.S. stocks and government bonds. This trend spread across Asian and European markets. The volatility resulted in increased demand for safe haven currencies such as the Swiss franc and Japanese yen, with the US dollar experiencing a 0.5% decline against both these currencies according to latest market data.