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Dollar, yen rise on economic worries
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08:15, October 28, 2008

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The dollar and the yen rose against other major currencies on Monday as mounting worries over a global economic recession drove stock markets lower.

Investors were cheered by the news that the U.S. Treasury would begin injecting 125 billion U.S. dollars to nine major banks early this week. An unexpected jump of new home sales in September also boosted financial markets. But foreign exchange trading on Monday was still dominated by risk aversion.

The Group of Seven (G7) expressed concerns at the "extreme volatility" of the yen on Monday. But the statement failed to stop the Japanese currency from rising as no prescribing action was offered. Analysts said the yen could remain strong even with interventions from governments, since investors are looking to abandon risky assets.

The U.S. Federal Reserve was widely expected to cut its key rate to 1 percent on its two-day meeting this week. The European Central Bank President Jean-Claude Trichet said Monday there was "a possibility" of rate cut soon in the euro zone.

The euro bought 1.2522 dollars in late New York trading compared with 1.2612 dollars it bought late Friday. The pound fell to 1.5628 dollars from 1.5872 dollars.

The dollar fell to 1.1571 Swiss francs from 1.1664 Swiss francs, and fell to 93.93 Japanese yen from 94.52 Japanese yen.  

Source: Xinhua

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