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Yen, Dollar Head for 2008 Gain Versus Euro in Flight to Safety
News Type: Event — Seeded on Wed Dec 31, 2008 12:08 PM EST
Article Source: Bloomberg.comadvertisement
The dollar fell the most against the yen in more than two decades in 2008 on speculation the Federal Reserve's zero interest rate will undermine demand for the greenback. The euro was poised for its biggest rally against the pound since the 15- nation currency's 1999 debut, trading within 5 pence of parity, on speculation the recession in the U.K. will deepen.
"It was a year of deleveraging, a year of dollar demand caused by uncertainty, and a reversion to yen strength," said Matthew Kassel, director of proprietary trading at ING Financial Markets LLC in New York. "The U.S. is being hit hardest by this crisis, and the economy remains weak," said Stuart Bennett, a senior strategist in London at Calyon, the investment banking unit of French bank Credit Agricole SA. "While the dollar has been benefiting from a safe-haven status, sentiment is now turning against it."
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 | Dollar higher against pound, euro; dips vs yen | Associated Press | Fri Dec 26 | 0 |
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{"commentId":4612903,"authorDomain":"ruffwesley"}
Jim Rogers is right again.
{"commentId":4612903,"threadId":"457443","contentId":"2262109","authorDomain":"ruffwesley"}
- 2 votes
#1 - Wed Dec 31, 2008 12:09 PM EST{"canLink":false,"threadId":"457443","isPrivate":false}
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