As the credit crisis spreads to Europe and the economic outlook worsens, investors are said to be unwinding their Euro/Yen spreads. The December yen finished up .0433 at .9996, the highest close in six months.
German Chancellor Merkel announced yesterday that all private deposits in German banks would be guaranteed.
Statistics Canada reported that C$5.6 billion of building permits were issued in August, down 13.5% from July's pace.
The December Australian dollar fell 7.34 cents to a new contract low of 69.90 with many expecting the Reserve Bank to cut interest rates, possibly by a half-percent.
