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Dollar Increases as Dubai Debt Fallout Spurs Demand for Safety

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Bo Nielsen
Friday, Nov 27th, 2009

The dollar rose against the euro and the yen, recouping most of its decline this week versus the European currency, as Dubai’s attempt to delay debt spurred demand for the perceived safety of the U.S. currency.

The yen fell from a 14-year high against the dollar and reduced gains versus the euro on speculation Japan will intervene after Finance Minister Hirohisa Fujii said he will contact U.S. and European officials about exchange rates if needed. The Bank of Japan checked rates at commercial banks in Tokyo, seen as a type of verbal intervention, Kyodo News Service reported. The dollar reduced gains as European equity markets erased losses.

“It seems the market underestimated the implications of what came out of Dubai and we’ve seen a scramble to close down short-term positions,” said Paul Robson, a currency strategist at Royal Bank of Scotland Group Plc in London. “We’re seeing the dollar doing better but the risk sell-off is overdone.”

The euro fell to $1.4919 as of 10:46 a.m. in London, from $1.5019 yesterday and $1.4862 on Nov. 20. The yen fell 0.1 percent to 86.51 per dollar after climbing as high as 84.83, the strongest level since July 1995. The currency appreciated to 129.09 per euro, from 130.03, after reaching 126.91, the highest level since April 29.

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This article was posted: Friday, November 27, 2009 at 4:32 am

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