The Dollar continued to climb overnight against most major rivals, except for the Japanese Yen. Reports from Dubai speculating the country's Debt issues reignite fears of financial turmoil created by the credit crisis.

Pound Sterling – UK Markets

The pound today hit a 3 week low against the Dollar at 1.6270; 1.4% below its day-opening price action, whilst the currency is also weak against the Euro, currently trading at 1.0984. As expected, although the UK economy contracted for the sixth successive quarter, original estimates of 0.4% were slightly off the mark, with Gross Domestic Product revisions showing reductions of only 0.3% between July and September.

US Dollar – US Markets

After US markets closed Thursday for Thanksgiving holiday the Greenback continued to climb against most major rivals other than the Japanese Yen. The dollar fell as far as 84.82 Yen, the weakest it has been since 1995 and almost as low as the record of 79.75, before clawing back some of the ground to 86.25 yen, down 0.3 percent on the day. The Dollar rose 0.8% against the GBP and is currently trading at 0.61080 whilst also making up ground on the Euro which is now at 0.67120

Euro – European Markets

The euro has extended its fall against the dollar this morning after European players came into the market, dumping the single currency on risk-aversion trades. The single currency has fallen as far as USD 1.4844 in early trade, down more than 1pc from last night and is now trading at 1.49040. However, against the GBP, the euro has continued to gain ground throughout the week and is currently trading at 0.90810

Other Currencies – Highlights

The yen strengthened to a 14-year high against the dollar, climbing past 85 to the Greenback and prompting speculation Japanese Finance Minister Hirohisa Fujii will intervene in markets to preserve the nation's export-led economic recovery. A high yen damages the competitiveness of Japanese exports, which has been the engine of the country's growth. The yen climbed as high as 84.83 per USD, the strongest level since July 1995, before trading at 86.26 this morning in London. After reaching 126.91 against the Euro, the highest level since April 29, the Yen retreated to 128.09. Meanwhile the AUD dipped to a fresh 3-week low at 0.8945; 1.70% below its day opening level against the USD.