Market News
DeepSeek worries drive yen and Swiss franc higher, dollar drops - REUTERS
By Chibuike Oguh and Stefano Rebaudo
Summary
- U.S. dollar index falls
- Yen and Swiss franc jump as investors seek safety
- Tech selloff pushes U.S. stocks lower
- Central bank policy meetings and economic data in focus
NEW YORK, Jan 27 (Reuters) - The Japanese yen and the Swiss franc gained while the U.S. dollar fell against major currencies on Monday amid a selloff in technology stocks as markets weighed the implications of a Chinese startup launching a free open-source artificial intelligence model.
China's DeepSeek rolled out a free AI assistant that it says uses lower-cost chips and less data, seemingly challenging a widespread AI bet that in the past has lifted shares of U.S. technology stocks, especially chipmaker Nvidia (NVDA.O).
