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Currencies gain against dollar
The euro and high-yielding currencies gained against the dollar on Monday, while the yen retreated as declining risk aversion lifted stocks ahead of US presidential elections.
- Reuters
- Published: 00:23 November 4, 2008
New York: The euro and high-yielding currencies gained against the dollar on Monday, while the yen retreated as declining risk aversion lifted stocks ahead of US presidential elections.
Concern about the prospect of a global recession was expected to limit gains in riskier assets and offer support to the low-yielding dollar and yen, particularly given that the European Central Bank and Bank of England are due to issue decisions on benchmark interest rates later this week.
Monday's currency flows are on the back of the biggest monthly percentage gain in 17 years for the dollar index and the euro's largest monthly fall against the dollar and yen since its 1999 launch.
In early morning New York trade, the euro was up 0.6 per cent on the day at $1.2811 and rose 0.7 per cent to 126.19 yen.
Sterling rose around 0.2 per cent against the dollar to $1.6093. The high-yielding Australian dollar rose 0.4 per cent against the dollar.
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