Dollar drops to 3-week low versus yen
The dollar fell to its lowest in three weeks on Friday as hedge funds sold the U.S. currency on growing concerns about the looming fiscal problems in the United States which could drive the economy into a recession.
The dollar dropped to 79.21 yen on trading platform EBS, its lowest since Oct 19 and down 0.3 percent on the day. Traders cited stop-loss sell orders below 79.20 yen.
The yen is the most sought after currency at times of financial stress and doubts about an economic recovery.
The dollar's drop mirrored narrowing spreads between the yields on two-year U.S. Treasuries and Japanese government bonds. The currency pair has a robust relationship with that spread.
- Tweet this
- Share this
- Digg this
- Netanyahu vows to complete Gaza tunnels destruction
- China should set lower 2015 GDP growth target of 6.5-7 pct - IMF
- U.S. says hopeful of WTO deal with India only hours before deadline
- UPDATE 2-Argentina defaults but investors see deal possible eventually
- Cricket - India four down and facing England defeat
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article