31 Jan '11, 10pm

US dollar falls despite Egypt turmoil

NEW YORK: Currency traders brushed aside tensions in Egypt on Monday, buying into the riskier euro and shifting away from the safe-haven greenback. The euro rose to $1.3686 at 2200 GMT compared to $1.3609 on Friday. "Investors are in a better mood but this improved sentiment masks the escalating tensions in Egypt," said Kathy Lien of Global Forex Trading. The euro won support after eurozone annual inflation was expected to hit 2.4 percent in January, raising the prospect of an earlier-than-expected rise in interest rates. Analysts at Moneycorp earlier said the Swiss and Japanese currencies also appeared to be benefiting from market jitters: "The safe-haven currencies of choice right now seem to be the yen and the Swiss franc." Against the Japanese currency, the dollar dipped slightly to 82.04 yen from 82.09 yen on Friday. The dollar stood at 0.9443 Swiss francs slightly up...

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

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