Currencies: Dollar set for weekly gains against most rivals; yen soars

Dollar set for weekly gains vs. most rivals Yen firms amid risk aversion; pound bears brunt of sell-off SAN FRANCISCO (MarketWatch) -- The dollar was on track to post strong weekly gains against most major rivals amid global market turmoil Friday, with the exception of the risk-buoyed yen and Swiss franc. Plunging global equity markets and ever-deepening crisis in the financial sector raised risk aversion, which underpinned the lower-yielding currencies, while sending the British pound to a nearly five-year low against the dollar. The dollar index , which measures the greenback against a basket of six major currencies, was at 82.694, up from 81.397 in late North American trading Thursday. The index was on track to post a weekly gain over 6%. Finance ministers and central bankers from the Group of Seven nations meeting Friday... [read full story]