The US dollar continued to trade broadly stronger on an aggregate basis as risk aversion continues to be the key driver of forex and equity markets globally after plunging stocks and persistently tight credit markets prompted investors' flight to safety.

The Euro rose against the greenback as European leaders agreed on steps to rescue the banking sector, in a bid to unfreeze the credit markets.

Sterling stood on its backfoot pressured by a flight from riskier assets as global stock markets tumbled with investors cutting exposure to risk and sold bond holdings for cash on fears of a global financial meltdown as risk aversion erodes confidence despite the UK government's sweeping bank rescue package.

The Australian dollar recovered after hitting multi-year lows drawing support from moves by governments worldwide to shore up battered financial systems with Prime Minister Kevin Rudd saying his government would guarantee the country's entire deposit based of A$600-A$700 billion.


Commodity prices: Gold Spot USD861.15/oz 
                            Brent Spot USD74.99/barrel