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Archive for December 19th, 2008

U.S. Recovery Will Come at Dollar’s Expense, McCormick Says

By Thomas R. Keene and Michael J. Moore
Dec. 18 (Bloomberg) — The dollar may continue to weaken even if the U.S. economy recovers early next year, Citigroup Inc.’s Jim McCormick said.

Australia, New Zealand Dollars Sink on GE Outlook, Global Slump

By Candice Zachariahs
Dec. 19 (Bloomberg) — The Australian and New Zealand dollars dropped as equities fell after General Electric Co.’s debt-rating outlook was changed to negative, prompting investors to shun higher-yielding assets.

Euro Will Fall 10% Versus Dollar in 3 Months, UBS, Barclays Say

By Garfield Reynolds and Candice Zachariahs
Dec. 19 (Bloomberg) — The euro will fall about 10 percent against the dollar in the next three months as demand for safety and economic weakness in Europe boosts demand for the U.S. currency, UBS AG and Barclays Capital said.

Canadian Dollar Falls From One-Month High as Crude Oil Drops

By Chris Fournier
Dec. 18 (Bloomberg) — Canada’s currency fell from a one- month high after crude oil dropped below $37, reinforcing speculation that currencies related to commodity prices may decline against their peers.

Yen Declines Against Euro After BOJ Lower Rates to 0.1 Percent

By Stanley White
Dec. 19 (Bloomberg) — The yen fell against the euro for a fifth day after the Bank of Japan lowered borrowing costs to 0.1 percent from 0.3 percent and said it will buy commercial paper to help unlock credit markets.