Poor State of Global Economy lifts Japanese Yen, Supports U. S. Dollar

Today, the U.S. Dollar climbed slightly against a group of major currencies.  Further, the Japanese Yen strengthened as investors continue to be apprehensive about the global economy and as a result, stock markets continue to come under downward pressure.

The European and Asian stock markets ignored the late rally yesterday in New York and stocks fell by the close of trading today.  As a result, the U.S. stock futures appear to be pointing to a weak opening session.

The Japanese Yen was supported by this renewed uncertainty, caused by continuing concerns over the auto industry in the U.S., which is seeking a bailout of approximately $25 billion to avoid total collapse.

On November 19, 2008 at 09:00 GMT, the U.S. Dollar fell by .33% versus the Japanese Yen to 96.60 Yen, while the Euro was down by .50% against the Japanese Yen to 121.90 Yen.  The Euro fell by 0.1% against the U. S. Dollar to $1.2604.  The dollar index, which measures of the U.S. Dollar value against a basket of six major currencies, rose by 0.1% to 87.24 .DXY.