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Yen Pounds Dollar as Markets Fall

Markets in worldwide retreat as dollar drops on subprime worries

By Jim O'Neill,  Newser User

Posted Mar 3, 2008 5:42 AM CST
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(Newser) – The dollar’s skid accelerated today, taking it to a three-year low against the Japanese yen, and pushing the free-falling greenback to a record bottom against the Swiss franc and other currencies amid worries that subprime woes will worsen, Reuters reports. Worldwide, stocks dove lower on broad concerns about the US economy.

At midday, Europe's Dow Jones Stoxx and the DAX were off 1.5%, and the CAC and FTSE slipped 1.4%. Markets in Asia suffered worse, with the Nikkei closing off 4.5%, the MSCI down 3.1%, and Australia’s S&P/ASX down 3% on the day. Gold traded as high as $983.90 an ounce and silver hit $20 for the first time since 1980.

Pedestrians walk past an electronic market board in Tokyo Monday, March 3, 2008. The benchmark Nikkei 225 stock index lost 610.84 points, or 4.49 percent, to close at 12,992.18 points on the Tokyo Stock Exchange, tracking Wall Street's losses amid persistent concerns about the U.S....
Pedestrians walk past an electronic market board in Tokyo Monday, March 3, 2008. The benchmark Nikkei 225 stock index lost 610.84 points, or 4.49 percent, to close at 12,992.18 points on the Tokyo Stock...   (Associated Press)
Businessmen watch an electric stock board in Tokyo, Monday, March 3, 2008. Asian markets tumbled Monday morning as investors reacted nervously to a steep decline on Wall Street Friday after disappointing economic and corporate news reawakened worries about a U.S. recession. Japan's benchmark index sank 4 percent, while Australia's...
Businessmen watch an electric stock board in Tokyo, Monday, March 3, 2008. Asian markets tumbled Monday morning as investors reacted nervously to a steep decline on Wall Street Friday after disappointing...   (Associated Press)
The US dollar against Japanese yen is quoted 103.06 yen at the foreign exchange in Tokyo Monday, March 3, 2008. The dollar went down amid persistent concerns about the U.S. economy. (AP Photo/Katsumi Kasahara)
The US dollar against Japanese yen is quoted 103.06 yen at the foreign exchange in Tokyo Monday, March 3, 2008. The dollar went down amid persistent concerns about the U.S. economy. (AP Photo/Katsumi...   (Associated Press)
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Nikkei drops 4.5%
Associated Press

Dollar's woes help oil prices steady at near-record levels
Associated Press

World • Money

 
stocks • currency exchange • yen • US dollar • subprime crisis • European stocks

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