20
January
Dollar, Yen Advance as China’s Lending Prompts Flight to Safety
20 January 2010 Bloomberg.com
The dollar and the yen rose against their higher-yielding counterparts as steps by China to limit bank lending fueled concern that the global economic recovery will slow, boosting demand for the currencies as a haven.
The U.S. currency had its biggest gain in more than a month against the New Zealand dollar and traded at a five-month high versus the euro as the Shanghai Composite Index lost as much as 3 percent. The euro fell as Greek bonds tumbled after International Monetary Fund Managing Director Dominique Strauss- Kahn said Greece’s budget woes are “serious.” The pound snapped a two-day gain against the dollar after Bank of England Governor Mervyn King said quickening inflation may not last.
http://www.bloomberg.com/apps/news?pid=20601087&sid=alW9jej3zGUA&pos=1
