Dhaka, Bangladesh (BBN)- The Japanese Yen (JPY) rose to a seven-week high against the Euro (EUR) as concerns US financial institutions will incur more losses spurred a sell-off in stocks and renewed demand for the relative safety of Japan’s currency. JPY advance to 131.46 against the EUR, its highest level since July 15.
Canada’s Dollar (CAD) weakened for a third day as a decline in stocks and crude oil, the nation’s biggest export, pushed investors into safer assets. CAD declined to 1.1092 against the US Dollar (USD).
US Stocks plunged on worries that the market gains have raced ahead of any economic recovery. The Dow Jones Industrial Average lost 186 points or 2 percent while the NASDAQ Composite fell 40 points or 2 percent, according to reports.
BBN/SS/SI/AD-02September09-9:52 am (BST)