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Forex Market Update: Dollar Slips as the Recovery in Asian Markets

Friday, 21 November 2008 05:08:14 GMT

Written by DailyFX Research

The dollar is at session lows in Asia, after the strong recovery in Asian stock markets forced a shift in sentiment and fueled risk appetite in hopes of a broader market recovery. The Nikkei has rallied over 3 percent this afternoon with some Asian stock markets such as Australia and Taiwan closing with gains. The DJIA futures are now up over 200 pts. As a result, the AUD has rallied to highs of 0.6243, up from lows of 0.6075 morning. EUR-USD has rallied to highs of 1.2523, up from 1.2422 lows. Cable has traded to 1.4844 highs, up from 1.4713 lows. USD-CAD has dropped from 1.2984 highs to 1.2812. Kiwi has rallied from lows of 0.5191 to highs of 0.5334. Low yield currencies have weakened against the USD with the USD-JPY rising from 93.56 to 94.87. USD-CHF rallied from 1.2200 to highs of 1.2286 with CHF undermined by the surprise SNB rate cut on Thursday.

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