Dollar, Yen Rise as Stock Drop, Rate Increase Damp Risk Demand

The dollar and yen rose again as India unexpectedly raised interest rates. The euro had the biggest drop compared to dollar, i had since January. British sterling also dropped as Bank of England announced Britain may return to recession again soon. The stock market has been on a tear recently and investors are switching to other, safer assets- Fabian Eliasson, head of US currency sales at Mizuho corporate bank, said. An Indian increase in interest rate can be a sign that other Asian banks will do the same soon. Greek prime minister said he would have to ask help from International monetary fund if EU wouldn't set up a lending facility for Greece in the upcoming EU summit. Greece needs to raise 10 billion Euros to refinance the bonds, and greek prime minister said that Greece can't keep up with current market rates.