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 Yen rose against the Euro underpinned by safe-haven bids amid a deteriorating global economic outlook and losses on Wall Street. Ongoing worries about the global economy and credit markets prompted investors to unwind positions funded by cheap borrowing in the Japanese currency.
The US dollar remained supported despite data showing sales at US retailers suffered a record decline in October while another report showed US consumer confidence rose unexpectedly in November but remained at depressed levels.
The Sterling pound fell against a basket of currencies and hovered close to record lows against the Euro as markets braced for further aggressive cuts in UK interest rates in the coming months after inflation report previously forecasted a sharp decline in prices.
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