Dollar continues to rise on deteriorating global economy and concern about financial

The Dollar climbed to a two-year high against the Euro and a five-year peak against Sterling on Bank of England Governor Mervyn King remarks on Tuesday that the British economy was probably entering its first recession in 16 years. Fears of a global recession have US Investors selling their assets in both developed and emerging markets and bringing the money back home, boosting the Dollar. The Yen climbed to it's highest against the Euro and the Dollar, with the low-yielding Japanese currency also benefiting from the exodus from risky assets closing long-term Carry trades (strategies in which risk-taking investors borrow cheaply in low-yielding currencies such as the Yen then invest the debt in the assets of countries offering higher returns).