If governments throw enough money at the system, a strong, near-term rally should happen, investor Marc Faber said. But if it fails to materialize, prepare for an unprecedented depression.

The dollar and yen fell Friday as Wall Street rebounded and reports that banking giant Citigroup was mulling a merger helped quell some of the market's worst fears about the financial crisis.

Despite continued woes in the U.S. economy, the greenback has seen an unexpected surge against currencies around the world As investors become ever more risk averse, emerging markets are bearing the brunt of a flight to safety.

The dollar and yen rose against the euro and other currencies from countries with high interest rates as fears of a deep global recession sent investors fleeing for the safest assets.

Australia's central bank chose to cut rates aggressively this month in part to cushion consumers from an unprecedented fall in household wealth, which threatened to drag the economy down by  more than expected just a few weeks earlier.

The dollar dipped against the yen on Wednesday as doubts grew about the prospect of a U.S. auto industry rescue while data showing a record slide in consumer prices last month stoked fear of a deeper recession.

Australia's central bank chose to cut rates aggressively this month in part to cushion consumers from an unprecedented fall in household wealth, which threatened to drag the economy down by  more than expected just a few weeks earlier.

The dollar strengthened on Tuesday as a batch of grim U.S. economic data pushed nervous investors to seek safety in the greenback.

The dollar fell against the Japanese yen, as weak U.S. manufacturing data deepened worries about the global economy, and investors fretted that leaders worldwide ended a weekend meeting with few concrete proposals for dealing with this year's downturn.

The U.S. dollar and the yen rose against the euro, underpinned by safe-haven bids amid a deteriorating global economic outlook and losses on Wall Street.

The U.S. dollar fell against the euro on Thursday after a more stable performance on Wall Street helped ease extreme risk aversion and reduced demand for safety.

The U.S. dollar fell sharply against the yen Wednesday, as investors shunned riskier assets after comments by U.S. Treasury Secretary Henry Paulson heightened concerns about the economy and sparked a sell-off in global equities.

The U.S. dollar rallied to a two-week high against a basket of currencies Tuesday as worries about a deteriorating global economy prompted investors to shun riskier assets and flock to the safety of the greenback.

The U.S. dollar fell against the euro Monday as news of a large economic stimulus package from China made traders more willing to take on risk.

Australia's central bank lowered its forecasts for economic growth  for the next two years, saying it would be reviewing interest rates in the months ahead with the aim of  avoiding an even sharper slowdown in domestic demand.