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Dollar falls on Obama's economic recovery plan
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14:59, December 09, 2008

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The U.S. dollar fell against major currencies Monday as U.S. President-elect Barack Obama's economic recovery plan boosted risk appetite in foreign exchange markets.

The euro bought 1.2955 dollars in late New York trading compared with 1.2691 dollars it bought late Friday. The British pound rose to 1.4948 dollars from 1.4698 dollars.

The dollar fell to 1.2525 Canadian dollars from 1.2797 Canadian dollars, and fell to 92.97 Japanese yen from 93.12 Japanese yen. It fell to 1.2035 Swiss francs from 1.2224 Swiss francs.

Obama gave further details of his economic recovery plan over the weekend, promising to save or create 2.5 million jobs, to make public buildings more energy-efficient and to invest in roads and schools.

The plan calls for the single largest new investment in national infrastructure since the creation of the inter-state highway system a half-century ago. That could bolster the economy by putting thousands of people to work in building schools and other construction projects.

The depreciation of the dollar showed that investors moved from safe-haven to risky assets. High-yielding currencies were also helped by the report that the U.S. government and lawmakers are close to reach a deal to help the failing auto industry.

U.S. stocks rose sharply Monday as investors bet that Obama's plan could help lift the economy back to health.


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