11 Mar '11, 11pm

Dollar loses haven lustre after Japan quake

Dollar loses haven lustre after Japan quake

NEW YORK - The dollar lost ground against other major currencies Friday in a volatile day on markets after a powerful earthquake rocked Japan. The euro was trading at $1.3901 around 2200 GMT, up from $1.3794 at the same time Thursday. The dollar also weakened against the Japanese currency, falling by one yen to 81.91 yen. "A major earthquake in Japan is weighing on market sentiment as a difficult week for financial markets draws to a close," said Vassili Serebriakov at Wells Fargo Bank. In earlier trading, the yen had fallen sharply after the massive 8.9-magnitude quake struck, triggering a huge tsunami in the Pacific. But the Japanese currency regained its footing, "likely reflecting repatriation flows and safe-haven demand," he said. Kathy Lien at GFT projected yen strength to be sustained "for a few more days." "As the world's third-largest economy, Japan has the means ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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