US dollar weakens against most of the benchmark currencies. Against the dollar the euro reached a new key level.
The US dollar strengthens against all benchmark currencies except for the Japanese yen. Investors buy US Treasury Department bills with zero interest.
The UK sterling is weakening due to bad news in the industrial output reports. The US dollar has been losing its appeal as a safe haven as investors begin to show renewed confidence in equity markets.
Obama's announcements concerning US economic stimulus programs spurred investors' risk appetites. The eastern European countries that hoped to convert to the euro have had to amend their time schedules.
The US dollar strengthened against a varied basket of global currencies. Many investors are yearning for the yen as a safe haven asset.
Treasury Secretary Paulsen announces a new mortgage program which will use part of the second half of the $700 billion bailout funds. Paulsen met with China and the strength of the yuan is a major topic.
The US auto makers presented their plans for the use of federal bailout loan money with General Motors saying the company would run out of cash by the end of 2008 and the markets did not respond much. The currency news was mixed with the dollar weakening against the yen and predicted to continue to decline.
The new month began with a flurry of economic news affecting currency rates. Many currencies fell against the US dollar as economies continued to contract.
The coming week will once again see changes in global interest rates which will affect currency rates. The US dollar continues to depreciate while the Russian ruble posted its biggest weekly decline.
The signs that investors are making moves into higher yielding and riskier assets are becoming more apparent. The markets are seen as being more stable now even though consumer confidence remains low.