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Dollar slides to 13-year low against the yen

The dollar slid to its lowest in 13 years against the yen on Friday as the US Senate failed to agree on a bailout for the three US automakers.

The dollar fell to as low as Y88.40 against the Japanese currency before stabilising at around Y89.38 in recent trading.

"It seems like they've all but given up," said Yuji Saito, head of the FX group at Societe Generale in Tokyo. "The concern out there is what will happen now and the few choices that are left, which could include Chapter 11, so that leaves no reason for investors to buy dollars."

There was a possibility that the yen could reach Y85 in New York trading time, he said.

The dollar had fallen against the yen and the euro overnight as the talks continued without conclusion and data showed that the US trade deficit had deteriorated. Fears about growing unemployment and the future of the automakers grew as other data showed that the number of new workers filing claims for unemployment benefits jumped to a 26-year high.



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Fri Dec 12th, 2008 at 04:24:58 AM EST
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