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Dollar falls against euro, pound
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08:23, November 05, 2008

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The dollar fell against most major currencies on Tuesday as a big Election Day rally of Wall Street boosted risk appetite in foreign exchange markets.

The Dow Jones industrials rose more than 300 points to its highest close in four weeks, its biggest Election Day rally ever. Investors were cheered that uncertainties surrounding the election would be cleared soon, ignoring weak factory order data released on Tuesday.

The Commerce Department reported Tuesday that factory orders fell by 2.5 percent from August, far more than a 0.8 percent drop expected by analysts.

High-yielding currencies were also bolstered by new signs that credit markets continued easing. The London interbank offered rate, or Libor, for one-month dollar loans fell 18 basis points to 2.18 percent on Tuesday, the lowest level since November 2004. The three-month rate dropped 15 basis points to 2.71 percent, the lowest level since June 9, according to British Bankers' Association data.

The euro bought 1.2954 dollars in late New York trading compared with 1.2627 dollars it bought late Monday. The pound rose to 1.5933 dollars from 1.5821 dollars.

The dollar fell to 1.1645 Swiss francs from 1.1741 Swiss francs, and rose to 99.69 Japanese yen from 98.98 Japanese yen. It fell to1.1522 Canadian dollars from 1.1855 Canadian dollars.

Source: Xinhua

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