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||Posted on 7/9/2009 6:27:57 AM|
FOREX-Yen soars; risk aversion rises on economic worries
The yen soared broadly in its biggest jump in months on Wednesday as renewed concerns about the global economy prompted investors to exit risky investments.
Oil prices fell and stocks were lower throughout most of the U.S. trading session as investors worried the recovery won't be as smooth or rapid as expected. This also led to a sell-off in higher-yielding, commodity currencies like the Australian dollar.
"It's renewed risk aversion, triggered by mounting doubts about a near-term economic recovery that's evident in the sell-off on Wall Street and the subsequent decline in risk assets in general," said Omer Esiner, senior currency analyst at Travelex Global Business Payments in Washington.
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