Forex - Markets react to Wallstreet meltdown - Risk aversion drives markets, has the dollar's bull run ended? - Forex Forum

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> Forex - Markets react to Wallstreet meltdown - Risk aversion drives markets, has the dollar's bull run ended?
Ac-markets.com
post Sep 15 2008, 1:00
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Lehman Brothers Files for Chapter 11 Bankruptcy, Bank of America buys Merrill Lynch for $44Bn, 70% premium and AIG seeks $50Bn capital rise to avoid being downgraded.The Dollar weakened on Friday as PPI numbers fell short of market expectations. The same traders flocking to the dollar a mere 24h before (Thursday’s 1.3882 in EURUSD a 1 year low) were offloading their dollar trades amid fears of an ensuing financial collapse in wall street. The dollar’s recent strength on the back of risk aversion subsided as news of Lehman Brothers in urgent talks for a takeover by Barclays or Bank of America hit the news wiresThe low-yielding Japanese Yen ended the day higher against the dollar as continued risk aversion and slow Japanese economy drive carry trade opportunists.

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