The U.S. dollar rose fastest in more than a month against the Japanese yen today after the financial markets soared stimulated by the joined effort of the U.S., Eurozones and Japans central banks.
The dollar also gained against the European and British currencies after two days of falling. U.S. treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke proposed yesterday to move the «bad» assets of the failing U.S. companies to the balance of some special institution to help those companies rebound from crisis.
The Japanese fell not only against the U.S. dollar — today it dropped against the Australian and New Zealand dollars for the third day — a good sign that the global risks are declining now. This is also positive for the dollar as the currency of the current crisis «motherland».
The dollar is still in the correction phase against other major currencies. It will probably take the whole next week for the USD to return to the growth it showed in the first half of September — and thats only if there wont be any bad news from the financial sector in U.S.
USD/JPY rose from 105.53 to 107.43 as of 9:04 GMT today. EUR/USD fell from 1.4324 to 1.4192 with a daily low at 1.4150. GBP/USD dropped from 1.8164 to 1.7946 today.
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