Dollar, yen strengthen as investors seek safe-haven

08:15, August 12, 2010      

Email | Print | Subscribe | Comments | Forum 

The U.S. dollar rallied against the euro and sterling pound on Wednesday as investors worried about recovery and tried to avoid risky assets. The Japanese yen was the only major currency to rise against the greenback, reaching a 15-year high.

In the U.S. Federal Reserve's latest assessment of economic conditions, the policy makers said that "the pace of recovery in output and employment has slowed in recent months," which was a big change from its previous statement in June that the economy was "proceeding."

The Fed's gloomier view of the economy soured market sentiment. The CBOE Volatility Index, a gauge to measure how panic the investors are, surged 13.3 percent on Wednesday.

In late New York trading, the euro fell to 1.2882 dollars from 1.3196 late Tuesday, and the British pound retreated to 1.5672 dollars from 1.5881.

The dollar tumbled to as low as 84.75 yen on Wednesday, the lowest level since July 1995. It bounced back to 85.24 yen in late trading, compared with 85.27 yen late Tuesday.

In other trading, the dollar rose to 1.0581 Swiss francs from 1. 0487 and rallied to 1.0466 Canadian dollars from 1.0318 late Tuesday.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion