Forex - Dollar and Yen Gain as Global Recession Deepens

The dollar traded mostly higher on Friday. US retail sales dropped by the most on record, indicating the US economy is in its worst slump in decades. The eurozone GDP contracted for a second quarter, indicating a recession. A global recession is deepening. Federal Reserve Chairman Ben S. Bernanke said central bankers worldwide are prepared to take additional actions as needed, signaling further interest-rate cuts. The dollar rose against the European currencies as weak economic data pushed stocks lower increasing safe haven flows.



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