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The yen fell against high-yielding currencies as rising Asian and European stocks encouraged investors back into carry trades. The dollar reached as high as 114.46 versus the yen, and the euro climbed around 100 pips to 164.87.

The euro climbed to a fresh all-time high at 0.7288 versus the sterling on concern that UK economy is slowing down and the Bank of England may continue to cut interest rates next year. In contrast, the European Central Bank is likely to keep rates unchanged in 2008.

Foreign Exchange trading volume today shrank to around a quarter of normal levels due to holiday in Japan and Christmas Eve in US, Canada, and European countries.