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Euro is Airborne, But Yen is Slipping Again

Wednesday, 13 Apr 2011 | 9:35 AM ET

The euro is hitting new highs, a group of developing countries are tired of the dollar, and the yen is having another bad day — it's time for your FX Fix.

Brazil, Russia, India, China and South Africa - the BRICS - are planning to replace dollar credits between themselves with local currencies. [indiavision.com]

Asian currencies have been trading off on concerns about the impact of Japan's crisis. [business.inquirer.net]

Speaking of Japan, the yen has resumed its slide as traders weigh the impact of the earthquake on the economy. [Reuters]

The euro rose to a 15-month high against the dollarafter a Governing Council member hinted that more interest rate hikes are possible. [Reuters]

China promised to keep buying Spanish bonds and investing in Spanish banks. Can they prevent contagion from Portugal and bolster the euro? [WSJ]

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