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
- Pakistani family sentenced to death over "honour killing" outside court
- UPDATE 3-Residents in western New York call snow worst in memory
- Alumnus dead after opening fire at Florida State University, wounding 3 |
- Kotak bank buys ING Vysya in record $2.4 billion share deal
- Mike Nichols, award-winning American director, dies at 83
A rift between the five powerful labour unions at Coal India Ltd is set to clear the way for Prime Minister Narendra Modi's government to complete a stake sale in the state company that is critical to hitting budget targets. Full Article
U.S. court overturns bid by Ranbaxy to block launch of rival generic drugs. Full Article
Tech Mahindra to buy U.S.-based network services operator for $240 million Full Article
Infosys unit's overbilling Apple led to exit of top execs - sources. Full Article