Currency
Market Commentaries
Team: Salyahrinah DP Hj Yahya, On Swee Long, Hiew Tzee Yin,
Lai Jyh Yih and Diana Han Yee Theng
Telephone: 2233668 / 2241723
The general market unease over the fate of the struggling US auto industry, problems in the US commercial real estate sector and a record slide in US consumer prices lifted both the Japanese Yen and US dollar as the greenback remains bid for its safe-haven status while the Yen remains the safety valve against equity market losses.
The Euro weakened against the US dollar as concerns of a worsening global slowdown prompted safe-haven capital flows of investors in time of stress to US Treasuries.
Sterling was broadly higher shrugging off early losses despite the Bank of England minutes showed unanimous votes to cut interest rates by 150bps this month, and voiced out moves for even bigger rate cut on the way.
US and European stocks fell to their lowest levels in 5-1/2 years on bleak economic data, also hit by Federal Reserve forecasts for the US economy to contract in the first half of through 2009, amid concern about the potential deflation.
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