Dollar Dips Against Most Major Currencies
    2009-12-01 09:38:55     Xinhua      Web Editor: Chu Daye
The dollar fell slightly against most major currencies on Monday as investors' risk appetite recovered from Dubai debt crisis.
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The dollar fell slightly against most major currencies on Monday as investors' risk appetite recovered from Dubai debt crisis.

Dubai asked lenders last week for a six-month reprieve on payments for about 60 billion U.S. dollars in debt. Investors had been worried that the debt problems in the middle-east emirate would spill over to the world, hampering the global economic recovery.

The worries eased after major banks and world leaders played down Dubai debt threat. The United Arab Emirates's central bank on Sunday reaffirmed it was standing behind local and foreign banks in the country by offering additional funds at a low cost.

Analysts said financial markets overreacted last week to the Dubai debt crisis, which is not expected to have huge impact on the global financial system.

Investors shifted their attention to some major central banks' monetary policy meeting and a series of key U.S. economic reports due later this week.

The euro bought 1.4993 dollars in late New York trading compared with 1.4954 dollars it bought late Friday. The pound fell to 1.6424 dollars from 1.6479 dollars.

The dollar fell to 1.0570 Canadian dollars from 1.0623 Canadian dollars, and fell to 1.0061 Swiss francs from 1.0065 Swiss francs. It fell to 86.29 Japanese yen from 86.70 Japanese yen.

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