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Archive for December 24th, 2008

Yen Rises as Stock Drop Boosts Currency’s Appeal as Safe Haven

By Stanley White and Ron Harui

Dec. 24 (Bloomberg) — The yen rose against the euro and the dollar, snapping two days of losses, on speculation declines in stocks will increase the Japanese currency’s appeal as a haven from the credit crisis.
The dollar weakened versus the euro before government data that will probably show U.S. personal [...]

Australia, N.Z. Dollars Fall With Equities on Recession Concern

By Candice Zachariahs
Dec. 24 (Bloomberg) — The Australian and New Zealand dollars declined as Asian stocks fell for a fourth day, damping demand for higher-yielding assets.
The currencies weakened as reports showed U.S. home prices plunged at the fastest pace in at least four decades and confidence among Japanese manufacturers declined the most on record. A [...]

Canada’s Dollar Rises as Commercial Paper Plan Seeks Approval

By Michael J. Moore
Dec. 23 (Bloomberg) — Canada’s currency rose for the first time in four days as Finance Minister Jim Flaherty said he was optimistic the government’s plan to restructure C$32 billion ($26 billion) of insolvent commercial paper will win court approval.

Pound Falls Against Euro as Economy Shrinks More Than Forecast

By Anchalee Worrachate
Dec. 23 (Bloomberg) — The pound weakened for a second day against the euro amid speculation the Bank of England will cut interest rates at a faster pace than its euro-region counterpart to help drag the economy out of a recession.
The British currency also slipped versus the dollar after a report showed the [...]

Korea Won Falls, Ends Two-Day Gain, on Intervention Speculation

By Kim Kyoungwha
Dec. 24 (Bloomberg) — South Korea’s won strengthened, ending a two-day decline, on speculation the central bank bought the currency to stem losses.
The won appreciated 11 percent in December, after falling every month since July, as Korea signed swap deals with the U.S., China and Japan, giving access to dollars to help ease [...]