Yen performs best against the dollar in 2008

31 December 2008

The yen performed better against the dollar this year than any of the other top 16 most active currencies, it has been reported.

According to Bloomberg, the dollar has fallen 19 per cent against the yen over the course of 2008 and was measured at 90.24 yen earlier this morning (December 31st), following its biggest decline since 1987.

The currency could weaken further during the first quarter of 2009, with currency strategist Lee Hardman predicting that it may go as low as 80 yen.

He remarked: "The threat of a long slowdown in the US and the fact the Fed has effectively dragged interest rates to zero will continue to undermine the dollar."

The pound has also weakened significantly this year and performed the worst against the dollar.

It is already trading at its lowest point ever against the euro.

Also breaking records for value falls this year is crude oil, Bloomberg reports. Barrel prices have fallen by 61 per cent over the last 12 months.

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