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DOLLAR CONTINUES COLLAPSE; NEW RECORD LOWS... |
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The News -
Economy
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November 23, 2007 |
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The U.S. dollar dropped below the 108 yen level early Friday in New York for the first time since June 2005, reflecting the expanding credit crisis. At 8:30 a.m., the dollar was quoted at 107.90-108.00 yen, compared with its 5 p.m. Thursday quotes of 109.11-14 yen in Tokyo. In Asian trading on Friday, the U.S. currency tumbled to as low as 107.55 yen. Then it rallied to the upper 107 yen level in later London trading. U.S. financial markets were closed Thursday for the Thanksgiving holiday while Japanese markets were closed Friday for a national holiday. At 8:30 a.m. in New York, the euro traded at $1.4800-4810 and 159.80- 90 yen against $1.4813-4816 and 161.66-70 yen in Tokyo. In earlier Asian trading on Friday, the single European currency reached $1.4968, the highest level since its introduction in 1999. Source : Breitbart / AP
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