Credit concerns increased on Friday with greater fears that there will be a contagion effect from hedge-fund difficulties. A key fear is that funds will have to put a much lower value on securities held as collateral and this will also result in increased margin calls. The net effect is likely to be a further significant tightening of credit conditions and an overall contraction of liquidity. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p> </o:p> There have been two important currency trends during Friday. Firstly, the Swiss franc has strengthened against all major currencies with ... (full story)