June 5, 2009 - 5:25am
On Friday the yen dropped heading for a third weekly loss against the euro, as Asian stocks advanced on speculation the worst of the financial crisis is over, spurring demand for higher-yielding assets.
The yen weakened against 11 of the 16 major currencies before a U.S. report today that may show employers cut fewer jobs last month, damping demand for the relative safety of Japan’s currency. The euro strengthened for a fourth day versus the British pound after European Central Bank President Jean- Claude Trichet said yesterday the region’s economic performance will improve this year.
The yen fell to 137.37 per euro as of 7:21 a.m. in London, from 136.97 yesterday in New York, heading for a 1.7 percent drop this week. Japan’s currency slid to 96.76 per dollar from 96.58, set for a 1.5 percent weekly loss.
Australia’s dollar climbed 0.5 percent to 77.80 yen. New Zealand’s dollar climbed 0.4 percent to 61.49 yen. Australia benchmark interest rate is 3 percent and New Zealand’s is 2.5 percent, compared with 0.1 percent in Japan, luring investors to the South Pacific nation’s higher returns.
The Nikkei 225 Stock Average rose 1 percent and the MSCI Asia Pacific Index of regional shares gained 0.6 percent. The Reuters/Jefferies CRB index of 19 commodities surged 2.6 percent yesterday, approaching the six-month high reached June 2.
The pound fell 0.5 percent to 155.44 yen.
The yen weakened against 11 of the 16 major currencies before a U.S. report today that may show employers cut fewer jobs last month, damping demand for the relative safety of Japan’s currency. The euro strengthened for a fourth day versus the British pound after European Central Bank President Jean- Claude Trichet said yesterday the region’s economic performance will improve this year.
The yen fell to 137.37 per euro as of 7:21 a.m. in London, from 136.97 yesterday in New York, heading for a 1.7 percent drop this week. Japan’s currency slid to 96.76 per dollar from 96.58, set for a 1.5 percent weekly loss.
Australia’s dollar climbed 0.5 percent to 77.80 yen. New Zealand’s dollar climbed 0.4 percent to 61.49 yen. Australia benchmark interest rate is 3 percent and New Zealand’s is 2.5 percent, compared with 0.1 percent in Japan, luring investors to the South Pacific nation’s higher returns.
The Nikkei 225 Stock Average rose 1 percent and the MSCI Asia Pacific Index of regional shares gained 0.6 percent. The Reuters/Jefferies CRB index of 19 commodities surged 2.6 percent yesterday, approaching the six-month high reached June 2.
The pound fell 0.5 percent to 155.44 yen.