Asia News

More Flight to Dollar, Yen Seen

Written by Writer on Monday, October 13th, 2008

More Flight to Dollar, Yen Seen

Currencies Likely To Remain Havens Absent Calming of Global Worries

By MIN ZENG and DAN MOLINSKI

WASHINGTON — The flight to the safety of the U.S. dollar and the yen is likely to persist in the near term if statements from the world’s major economies on tackling the financial crisis fail to appease jittery investors around the world.

Although they included strong commitments to jointly fight the worst crisis since the 1930s, communiques from both the Group of Seven leading industrialized nations and the Group of 20 developed and developing countries over the weekend may fail to revive confidence in financial markets.

Investors want to see immediate, specific plans for action, rather than grand promises.

Currency …

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• FOREX : Ringgit Extends Downtrend Against Dollar In Early Trade (Saturday, November 22, 2008)
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• Chinese banks warned of bad loans, shrinking profits (Monday, November 17, 2008)
• World Bank to form 3 bil. dollars fund to boost poor nations (Friday, November 14, 2008)
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News Topics : 1930s, Commitments, Communiques, Confidence, Currencies, Currency, Developing countries, Dollar Yen, Financial Crisis, Financial Markets, Flight Safety, Havens, Industrialized Nations, Jittery Investors, Promises, Worries, Yen Dollar, Zeng