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MOVIN' ON UP? Dollar Increases as Dubai Debt Fallout Spurs Demand for Safety

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The dollar and yen rose as Dubai’s attempt to delay debt spurred investors to sell higher-yielding assets funded with the currencies, Bloomberg reports. “It seems the market underestimated the implications of what came out of Dubai and we’ve seen a scramble to close down short-term positions,” said Paul Robson, a currency strategist at Royal Bank of Scotland Group Plc in London. “We’re seeing the dollar doing better but the risk sell-off is overdone.” The euro fell to $1.4890 at 7:30 a.m. in New York, from $1.5019 yesterday and $1.4862 on Nov. 20. The yen rose 0.1 percent to 86.53 per dollar after climbing as high as 84.83, the strongest level since July 1995. The currency appreciated to 128.87 per euro, from 128.85, after reaching 126.91, the highest level since April 29.
SOURCE:   Bloomberg