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FX round-up: Fresh risk appetite hurts dollar

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Date: Tuesday 14 Oct 2008

LONDON (ShareCast) - The euro and sterling advanced against the dollar Monday, while demand for the yen weakened as risk appetite returned.

Governments across Europe announced a series of measures to help stabilise the banking system, sending stock markets sharply higher.

Measures were announced in France, Germany, Spain, Italy and Austria. In Britain, the government announced that the country’s biggest banks are to benefit from a £37bn injection of cash from shareholders.

Trading however was fairly light with Monday's Columbus Day holiday in the US. Wall Street however remained open. Japanese markets were closed for a holiday.

Monday’s stock markets recovered from last week’s record sell-off, which saw Wall Street endure its worst week ever, as unprecedented steps were taken to help address the financial crisis.

High yielding currencies such as sterling and the euro were in favour as appetite for risk returned.

The yen weakened after strong gains last week as investors sought out its relative safe haven status.

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