Daily Forex News

The Canadian dollar soared to its highest level in almost 2-months against the Aussie in early trading on Friday. But the loonie slipped to a 3-day low against the greenback and a 2-day low against the yen as the crude oil prices were under $42 a barrel today, after falling nearly 2 percent overnight, weighed down by another round of grim U.S. economic data reflecting faltering demand in the world’s top energy consumer. Against the euro, the loonie eased from a 17-day high.

Extending Asian session’s downtrend, the euro slumped to new multi-day lows against its major counterparts in early European trading on Friday as the Euro-zone inflationary pressures declined further in January.

Friday in Asia, the Australian dollar plunged to a new multi-week low against its Canadian counterpart as investors pulled back from riskier assets after a report showed that Australia’s private sector credit shrank for the first time since 1992 in December. The Aussie declined to a 1-week low against the greenback, a 15-day low against the euro and a 4-day low against the yen.

Friday morning, the Indian rupee slipped to a 1-week low against the US dollar on an increased dollar demand by banks and concerns over fund outflows from the weak domestic equity markets in tandem with falling Asian bourses.

Friday in Asia, the South Korean won slipped to a 2-day low against the yen as South Korea’s industrial production declined more than expected in December. But the won recovered from a 2-day low against the dollar.

Friday in Asia, the US dollar jumped to a 4-day high against the euro as deepening concerns over the global recession increased the appeal of the U.S. currency as a haven from the financial crisis. The dollar also edged up against the pound and the franc. But the dollar weakened to a 2-day low against the yen.

In early trading on Friday, the US dollar surged to a 1-week high against the Indian rupee. The dollar also strengthened to a 4-day high against the Philippine peso and a 2-day high against the currencies of Malaysia and South Korea.