Daily Forex News
 
Daily World Currencies News from London
Saturday 11th of October 2008
May 9, 2008

Yen, Swiss franc gain on risk aversion

Story link: Yen, Swiss franc gain on risk aversion

Yen, Swiss franc gain on risk aversion

The yen strengthened Friday on declines in demand for carry trades as equities markets declined on new worries about losses related to the credit crisis.

At around 11:30 a.m. in New York the yen traded at ¥159.2379 to the euro and at ¥103.0900 to the US dollar.

Investor reluctance to enter into risky trades for high-yielding currencies also helped the Swiss franc, which was trading at SFr1.0438 to the US dollar and at SFr1.6124 to the euro at late morning in New York.

The South African rand weakened versus most major currencies as oil prices continued to rise, on declining demand for high-yielding currencies, and on shrinking gold and foreign currency reserves.

South Africa’s gross reserves were reported down to $34.3 billion in April.

The rand lost the most to the yen and the Swiss franc, as it took ¥13.392 to buy a rand and a Swiss franc cost R7.3767, but the South African currency was also down at R7.7015 to the US dollar and $11.894 to the euro.

The dollar declined in relation to the euro, which traded at $1.5446 to the shared currency, as the euro was helped by speculation that Eurozone interest rates will remain at 4 percent for the foreseeable future although the dollar recovered some losses after the US Commerce Department reported that the US trade deficit declined more than had been anticipated in March as imports dropped.

The pound was weaker in relation to the greenback as the UK government reported that the first quarter saw more home repossessions since the early 1990s, which improved the likelihood that the Bank of England will cut interest rates soon.

In late morning trade in New York it took $1.9480 to buy a pound while the British currency traded at 79.30p to the euro.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

Related stories:

Swiss franc strengthens on risk aversion
...
Yen stronger on risk aversion
...
Yen gains on risk aversion
...
Yen weaker as risk aversion fades
...
Australia, New Zealand dollars lower on risk aversion
...
US dollar drops on weak home sales, Pakistan unrest
...

Latest News:

Pound declines on Iceland issue
Yen lower as rate cuts take hold
Yen stronger despite interest rate cuts
Yen weaker on US Fed move
Euro weaker on credit mess
Pound weakens on service sector data
USD gains on euro, pound
Euro weaker on Dexia rescue
Pound, euro weaken on bailouts
Yen strenghtens on delays in US bailout plan

[Most Recent Exchange Rate from www.kitco.com] [Most Recent Exchange Rate from www.kitco.com]
[Most Recent Exchange Rate from www.kitco.com] [Most Recent Exchange Rate from www.kitco.com]
[Most Recent Exchange Rate from www.kitco.com] [Most Recent Exchange Rate from www.kitco.com]
[Most Recent Exchange Rate from www.kitco.com] [Most Recent Exchange Rate from www.kitco.com]
[Most Recent Exchange Rate from www.kitco.com] [Most Recent Exchange Rate from www.kitco.com]
[Most Recent Exchange Rate from www.kitco.com] [Most Recent Exchange Rate from www.kitco.com]