Corporate foreign exchange news

Foreign exchange news: Dollar pulls out of 15-month low

Wednesday, 11 November 2009 10:46:31 GMT

The dollar was in recovery mode during the Asian foreign exchange trading session this morning (November 11th) after yesterday plumbing a 15-month low.
Support for the global reserve currency came after US treasury secretary Timothy Geithner and World Bank president Robert Zoellick declared their confidence in the strength of the dollar.
The yen also made gains this morning, rising for a second day against the dollar and the euro.
Speaking to Bloomberg, Koji Fukaya, a senior currency strategist in Tokyo at Deutsche Bank, said strong industrial figures had provided support for the Japanese currency.
"The yen is benefiting as the market reacted to the positive machine orders data. The data were a surprise. Improving risk appetite may weigh down on the dollar," he commented.
Yesterday, Morgan Stanley reiterated its bearish stance on the dollar in a note to clients calling for investors to make bets that the dollar will fall broadly against the euro through call-spread options.ADNFCR-2522-ID-19453566-ADNFCR
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