Yen at multi-year highs versus euro, USD

Yen at multi-year highs versus euro, USD

Story link: Yen at multi-year highs versus euro, USD

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The yen hit a 13-year high versus the dollar and a six-year high in relation to the euro Friday as investors backed out of carry trades after big declines in global equities markets.

In late morning trade in New York the Japanese currency traded at ¥93.995 to the US dollar and at ¥119.4958 to the euro while it was at ¥58.4132 to the Australian dollar and at ¥52.528 to the New Zealand dollar.

Meanwhile, the pound dropped in relation to the US dollar and the euro after the Office of National Statistics said that the UK’s gross domestic product dropped by 0.5 percent in the third quarter from the previous quarter, more of a decline than had been expected.

The pound traded at 80.29p to the euro just before noon in New York while it was worth $1.5834, having fallen 10.1 percent in relation to the US dollar during the week, its biggest one-week decline versus the greenback since 1971.

Emerging markets currencies suffered as Belarus, the Ukraine, Hungary, Iceland and Pakistan all asked for emergency help from the International Monetary Fund.

The Mexican peso traded at 13.321 pesos to the US dollar while the Russian ruble was at 27.108 rubles to the dollar, the South African rand fell to R10.868 to the greenback and the Brazilian real traded at R$2.265 to the US currency.