Daily Forex News

Monday, the Canadian dollar edged down against the currencies of US, Europe and Japan. The loonie thus fell to a 1-week low against the yen. Meanwhile, the loonie eased from a new multi-month high against the aussie.

During early deals on Monday, the Japanese yen climbed to new multi-day highs against its major counterparts as the global stock market sell-off triggered large scale unwinding of carry trade positions.

Monday during early deals, the European currency edged down to a new multi-week low against the dollar and a 1-week low against the Japanese yen on concerns about the deepening global recession.

Monday, the Swiss franc tumbled to new multi-day lows against the dollar and the yen as Switzerland’s PMI declined to an all-time low in January.

Extending Asian session’s downtrend, the New Zealand dollar remained under selling pressure against its major counterparts during early European deals on Monday. The kiwi plunged to new multi-year lows against the greenback, the euro and the yen.

During early European deals on Monday, the Australian dollar extended its Asian session’s loss against other major currencies. The aussie slumped to new multi-month lows against the greenback, the yen and the loonie. Against the euro, the aussie weakened to a new multi-week low during this time.

During early deals on Monday, the British pound showed weakness against its major counterparts.

Monday in Asia, the New Zealand dollar slumped to new multi-year lows against its US and Japanese counterparts after the government said the New Zealand economy will remain in recession until at least March 2009.

Monday morning in Asia, the US dollar strengthened to its highest level in almost 8-weeks 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 jumped to a 10-day high against the franc, while gained slightly against the pound. Against the yen, the dollar showed choppy trading during this time.