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Monday November 10, 2008 - 10:20:46 GMT
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FOREX NEWS-Dollar, yen retreat as shares gain on China package

Mon Nov 10, 2008 4:29am EST

* Yen, dollar fall as buoyant shares improve risk appetite

* European shares rise on massive China stimulus package

* G20 officials pledge to take action to help global economy

(Adds quotes, updates prices, changes byline, prvs TOKYO)

By Jessica Mortimer

LONDON, Nov 10 (Reuters) - The dollar retreated against the euro on Monday, while the low-yielding yen fell broadly on a slight easing in risk aversion after China's announcement of a major economic stimulus package boosted share prices.

European shares rose 3 percent in early trade, tracking rises in equity markets across Asia. This helped higher-yielding currencies such as the euro and the Australian dollar and weighed on the dollar and the yen, which have tended to benefit in the recent environment of extreme risk aversion.

China launched an economic stimulus package on Sunday worth nearly $600 billion in what could mark the start of a round of big spending or interest rate cuts to stave off a recession in many countries. See [ID:nN09395080].

"There are some positive factors which have improved risk sentiment and allowed riskier assets to move higher," BNP Paribas senior foreign exchange strategist Ian Stannard said.

"A lot will depend on the ability of equity markets to recover. If they continue to recover then there is scope for euro/dollar to break higher," he said.

At 0854 GMT, the euro rose 1 percent against the dollar <EUR=> to $1.2870.

The yen fell broadly, pushing the dollar <JPY=> up 0.9 percent at 99.15, while the euro rose 1.8 percent to 127.60 <EURJPY=R>.

The Australian dollar rose 2 percent against the dollar <AUD=>, and climbed 1.2 percent against the yen <AUDJPY=R>.

Higher-yielding currencies were also boosted after financial officials from the Group of 20 nations at a weekend meeting in Brazil said they would take "all necessary actions" to get financial markets back to normal and counter the backlash of the credit crisis.

European Central Bank President Jean-Claude Trichet will speak to reporters later in the day in Sao Paulo following a Global Economy Meeting. Financial officials will hold further discussions on economic crisis later in the week in Washington.

RECESSION FEARS REMAIN

Markets remain jittery, however, with ongoing worries about a global recession ensuring any recovery in risk appetite remains tentative, while analysts also expressed concern that China has had to take such drastic action to tackle the economic crisis.

"Even this huge package will hardly prevent the global recession. Euro/dollar should therefore end the current correction phase with a break to the downside," analysts at Commerzbank said in a note to clients.

On Friday, key U.S. data emphasised the problems facing the world's largest economy as it lost 240,000 jobs during October.

Further bad news emerged Monday as figures showed Japan's core machinery orders suffered their biggest fall in a decade. [ID:nT17704].

Market players will now be looking ahead to further announcements at this weekend's G20 meeting, as well as policy steps to be announced by U.S. President-elect Barack Obama in the near future. (Reporting by Jessica Mortimer)

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