24.10.2008 16:01

European session: [M]

The yen climbed to a 13-year high against the dollar as the prospect of a global recession prompted investors to dump higher-yielding assets funded in Japan. The dollar rose to a two-year high versus the euro.
The dollar advanced against every major currency except the yen as stocks tumbled after Samsung Electronics Co.'s profit slumped and Air France SA said it will be difficult to meet earnings targets.
The yen rose 7 percent this week against the dollar, the biggest gain since October 1998. It surged 14 percent against the euro, the biggest weekly advance since the 15-nation currency's 1999 debut. The euro headed for a 6 percent decline versus the dollar.
The pound fell to $1.5850, the lowest level since September 2003, bringing the week's decline to 8.3 percent, on speculation the Bank of England will lower interest rates to help avert a prolonged recession. Against the euro, the pound weakened to 79.84 pence, dropping for a fifth day, from 79.69 pence. U.K. gross domestic product contracted 0.3 percent in the three months through September.

EUR/USD having established low below a mark $1,2500, the pair was corrected in area $1,2580.
GBP/USD during a collapse of pair the low on $1,5264 then the rate has receded in area $1,5610 has been established.
USD/JPY after decrease in area Y90,90, the pair has receded above level Y93,00.

Unique data who should be expected today in second half of day, will be statistics on the market of the real estate of the USA - Existing home sales (September) 14:00 GMT. The average estimation of analysts on the given parameter makes 4,94 m, against value for the last month at a level 4,91 m.






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