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The euro fell broadly against major currencies on Friday

Fri, Dec 19 2008, 13:12 GMT
by Wachovia Research Team

Wachovia


The euro fell broadly against major currencies on Friday as traders took profit from the currency?s record performance this week. The yen briefly fell against the dollar in Asian trading after the BoJ slashed rates to 0.10% from 0.30%, but swiftly recovered its losses as a grim US economic outlook outweighed the BoJ rate decision to further fuel dollar weakness.

The Swiss franc extended its rally against major currencies this morning as poor economic data intensified views that other central banks will have to slash rates more aggressively. After the BoJ rate announcement, the market is now refocused on the uncertain state of the US automakers? bailout, which, coupled with oil?s steep drop to its lowest level in more than four years, continue to signal the severe impacts of this worsening global recession.

There are no major economic releases today.


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