The yen fell for the first time in four days against the euro and the dollar before a government report tomorrow that may show Japan posted a trade deficit last month, damping the currency’s appeal.
Japan’s currency also declined from a five-week high versus the euro as technical indicators signaled its recent gains were excessive. The euro climbed from the lowest in a month against the dollar on speculation a German report today will show investor confidence turned positive for the first time in two years. South Korea’s won slid the most in a week as widening U.S. credit losses tempered demand for emerging-market assets.
“The Japanese economy is in a terrible way and people are very pessimistic,” said Sean Callow, senior currency strategist in Sydney at Westpac Banking Corp., Australia’s biggest bank by market value. “If we get much further deterioration in the trade position, it should be a yen negative.”
The yen weakened to 127.02 per euro as of 7:30 a.m. in London from 126.48 in New York yesterday. It has gained 3.3 percent against the euro in the past week and earlier reached 126.09, the strongest level since March 16. Japan’s currency declined to 98.25 per dollar from 97.89, and dropped to 68.88 against Australia’s dollar from 68.20. read more
Japan’s currency also declined from a five-week high versus the euro as technical indicators signaled its recent gains were excessive. The euro climbed from the lowest in a month against the dollar on speculation a German report today will show investor confidence turned positive for the first time in two years. South Korea’s won slid the most in a week as widening U.S. credit losses tempered demand for emerging-market assets.
“The Japanese economy is in a terrible way and people are very pessimistic,” said Sean Callow, senior currency strategist in Sydney at Westpac Banking Corp., Australia’s biggest bank by market value. “If we get much further deterioration in the trade position, it should be a yen negative.”
The yen weakened to 127.02 per euro as of 7:30 a.m. in London from 126.48 in New York yesterday. It has gained 3.3 percent against the euro in the past week and earlier reached 126.09, the strongest level since March 16. Japan’s currency declined to 98.25 per dollar from 97.89, and dropped to 68.88 against Australia’s dollar from 68.20. read more
