The forex market turmoil intensifies as investors flock to safe-haven currencies.

On Friday, the foreign exchange market experienced increased volatility as stock markets faced selling pressure and investors flocked to safe-haven assets. At the same time, a report stating that the UK's budget this month will not increase income taxes weighed on the British pound. There are multiple factors influencing the market currently, but the fundamental reason is that traders believe the possibility of a rate cut by the Federal Reserve in December is much lower than expected a few weeks ago. More Federal Reserve officials signaled caution overnight, maintaining a reserved attitude towards further easing due to inflation concerns and signs of relative stability in the labor market. This shift in expectations led to selling of overvalued US stocks and government bonds, spreading to Asian and European markets. In the foreign exchange market, this pushed funds towards the Swiss franc and Japanese yen. The latest market data shows that the US dollar against the Swiss franc and the US dollar against the Japanese yen both fell by 0.5%.