PLANET FOREX

Euro down, yen buoyed as investors take shelter
* Aussie falls before expected hefty rate cut by RBA
* Kiwi hits 8-year low on yen after job market data
By Kaori Kaneko
TOKYO, Feb 2 (Reuters) - The euro fell to its weakest in two months against the dollar on Monday while the yen gained across the board as investors opted for less risky assets on concerns about the deepening global recession.
Worsening labour market data and receding inflation late last week made some in the market reassess the outlook for interest rate cuts in the euro zone, although analysts said the European Central Bank was unlikely to lower rates when it meets this week.
Worries about the faltering global economy also weighed on higher-yielding currencies such as the Australian dollar and the New Zealand dollar, which hit its lowest in eight years against the yen as investors remained risk averse.
"Changing rate expectations is one factor behind the euro's weakness," said Tomoko Fujii, head of Japan economics and strategy at Bank of America