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Dollar extends losses vs yen after Wal-Mart sales

Thu Jan 8, 2009 8:17am EST

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NEW YORK, Jan 8 (Reuters) - The dollar extended losses against the yen on Thursday, hitting session lows, after Wal-Mart Stores (WMT.N) posted weaker-than-expected December sales.

Currencies  |  Global Markets

It also forecast lower earnings in the fourth quarter, adding that the holiday season was more challenging than expected for retailers. For more on Wal-Mart, see [ID:nWNAB7881][ID:nN08485027].

The dollar dropped to session lows at 91.22 JPY=, down 1.5 percent in the wake of the Wal-Mart news.

"Wal-Mart sales did impact on the dollar against the yen. That's the driver for dollar/yen," said Brian Dolan, chief currency strategist, at Forex.com in Bedminster, New Jersey.

"The news doesn't bode well for the economy." (Reporting by Gertrude Chavez-Dreyfuss; Editing by Theodore d'Afflisio)

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