Monday, November 30, 2009

US Dollar Retreats as Easing Fears of Dubai Default Boosts Risky Assets

LONDON, Nov 30 (Reuters) - The dollar weakened on Monday after the United Arab Emirates said it would stand behind banks in Dubai, soothing concerns about a looming debt default and prompting investors to sell dollars for other currencies and assets like stocks and commodities.

Asian stocks and U.S. stock futures rose after the UAE central bank pledged to provide emerging support to the region's banks and as Dubai's oil-rich neighbor, Abu Dhabi, offered to provide selective support to Dubai companies.

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