Daily Report: Risk Aversion Boosted Further by Dubai Debt Fear, Yen Soars, Dollar Rebounds

27 November 2009 @ 07:14 am EDT

Dubai debt fear continued to drive investors away from risks, sending Asian stocks sharply lower today while Yen soars, taking dollar higher with it. Investors are clearly worried about the risk of contagion effect from Dubai which could trigger second wave in the credit crisis. Yen accelerates further today, making another 14 year high against dollar and rallies sharply against other major currencies. Sharp fall in yen crosses are helping dollar to rebound against major currencies with dollar index back above 75 level.

Copyright 2009 ActionForex, All rights reserved.

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