Currency News October 27

India Morning Call - Global Markets
Mon Oct 27, 2008 8:06am IST

FOREIGN EXCHANGE

NEW YORK - The U.S. dollar surged to two-year peaks versus a basket of currencies on Friday as dismal economic data from Europe reinforced fears of a global recession, adding to a selling frenzy on world stock markets.

The yen soared to multiyear highs versus the dollar and euro on the ensuing risk aversion, while at the low the British pound suffered its biggest one-day percentage drop against the U.S. currency since September 1992, according to Reuters data.

For Full Story, Please follow this link: Foreign Exchange

Economic rout seems to take on a life of its own
By Jeremy Gaunt
Published: October 26, 2008

LONDON: The big question facing investors across the world this week is, "How long will this go on."

The U.S. Federal Reserve Board is widely expected to cut interest rates sharply, corporate earnings reports will flow in and many investors will be looking at the preparations for a global financial summit meeting next month, and even the U.S. presidential election.

But the sell-off/panic/rout - call it what you will - on stock markets and foreign exchange last week and in the months preceding has become so severe that it is almost gaining a life of its own outside of events.

For Full story, please follow this link: Currency Online

Yen gains, Nikkei hits 26-yr low as markets suffer
Monday October 27 2008

* Yen rises near 13-yr high vs dlr, all-time high vs Aussie
* Yen gains trimmed as stocks attempt recovery, EM FX rise
* RBA confirms Aussie-buying Friday, says will intervene
* Japan set to offer market help, IMF aids Ukraine, Hungary
By Eric Burroughs

TOKYO, Oct 27 (Reuters) - The yen climbed back near a 13-year peak against the dollar on Monday and an all-time high versus the Australian dollar as more investors dumped stocks and higher-yielding currencies on fears of a deep global recession.

But the yen relinquished some early gains as Japan's Nikkei share average tried to mount a recovery from an early drop to a 26-year low and emerging market currencies such as the South Korean won pushed higher.

For full story, please follow this link: Euros | Pounds | Dollars