Daily Forex News

During early deals on Wednesday, the dollar fell to a 5-day low against the Swiss franc as gloomy US and UK reports increased concerns about a deep global economic slowdown. The dollar also slipped against the euro and the yen, while recovered early losses against the pound.

The Swiss franc soared to a new multi-year high against the British pound during early European deals on Wednesday. The franc also rose to a new multi-week high against the euro, 6-day high against the yen and a 5-day high against the dollar.

Wednesday, the Russian ruble slumped to a new record low against the euro and fell to near a 3-year low against the dollar as Russia’s Central Bank devalued ruble for the third time in a week, as oil near $39 a barrel dropped the outlook for economic growth.

The euro dropped to a new multi-week low against the Swiss franc in early European trading on Wednesday. The euro also weakened against the yen. On the other hand, the euro traded higher against the currencies of US and UK. The euro thus jumped to a 2-day high against the pound.

During early European deals on Wednesday, the pound pared the gains it posted in Asian trading against the currencies of US, Europe and Switzerland as Britain’s Royal Institution of Chartered Surveyors said today that the house prices may fall about 10 percent next year as the country’s recession deepens.

Wednesday, the Indian rupee plunged to its lowest level in almost 2-weeks against the dollar on expectations of more capital outflows due to sustained sluggishness in stock markets amid prolonged global economic slowdown.

Wednesday morning in Asia, the yen traded higher against its major counterparts as a fall in Japanese stocks prompted investors to sell higher-yielding assets funded in Japan.

Wednesday morning in Asia, the Australian dollar edged down against the currencies of US, Japan and Europe. The aussie thus dipped to a 2-day low against the yen and a 5-day low against the greenback and the euro. On the other hand, the aussie showed choppy trading against the Canadian dollar.