Yen stengthens, dollar weakens swiss franc down June 30

The dollar weakened for a fourth day against the euro as European and Asian stocks advanced on speculation the global recession is abating, damping demand for the U.S. currency as a refuge. The dollar declined against 14 of the 16 most-traded currencies before a U.S. report that economists say will show consumer confidence rose to a nine-month high, giving investors more confidence to buy higher-yielding assets.

The yen rose from a two-week low against the euro and gained versus the dollar on speculation investors reduced bets Japan's currency will weaken before the Bank of Japan's quarterly Tankan survey tomorrow.

The dollar dropped to $1.4106 per euro as of 8:44 a.m. in London from $1.4083 in New York yesterday. The U.S. currency declined to $1.6686 per pound from $1.6567, after sliding to $1.6743, the weakest since Oct. 21.

The yen strengthened to 134.68 per euro from 135.31, after falling to 135.96 earlier, the lowest level since June 15. Japan’s currency climbed to 95.46 per dollar from 96.06.

The Swiss franc slid for a second day against the euro. The franc fell 0.1 percent to 1.5260 per euro as of 6:17 a.m. in London. It rose 0.1 percent to 1.0811 per dollar.

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The US dollar fell, heading for its biggest weekly loss against the euro in a month, as European and Asian stocks rose and traders added to bets the Federal Reserve will keep interest rates low.

The dollar slid against 13 of the 16 major currencies as Dallas Fed President Richard Fisher may today elaborate on the central bank's statement this week that the benchmark rate will stay at "exceptionally low levels." Australia's dollar climbed for a fourth day against the greenback and the yen as commodity prices rose, encouraging demand for the nation’s assets. New Zealand's dollar fell after the government said the economy shrank at a faster pace than predicted by economists.

The dollar declined to $1.4034 per euro as of 9:38 a.m. in London, from $1.3988 yesterday in New York, extending its loss this week to 0.7 percent. The yen weakened to 134.57 per euro, from 134.22. The U.S. currency traded little changed at 95.90 yen, from 95.95 yen.

Australia's dollar rose 0.3 percent to 80.46 U.S. cents and climbed 0.2 percent to 77.17 yen. The Norwegian krone, the world's fifth-largest oil exporter, rose 0.4 percent to 6.4466 per dollar. The New Zealand currency slipped 0.3 percent to 64.35 U.S. cents.

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The Swiss National Bank is attempting to put a "line in the sand" with its first intervention in the foreign-exchange market in more than a decade after previous attempts to weaken the franc failed. Foreign-exchange traders said the Zurich-based central bank intervened twice yesterday, driving the franc down against more than 150 currencies. It fell the most in three months versus the dollar and euro. The franc strengthened as much as 0.3 percent against the U.S. and European currencies today.

The Swiss franc was however little changed against the euro and rose versus the dollar. The Swiss currency traded at 1.5299 per euro as of 7:22 a.m. in Zurich, from 1.5294 yesterday, when it weakened 1.8 percent. The franc strengthened to 1.0955 against the dollar, from 1.0979.

The yen fell the most in three weeks against the euro after a government report showed Japanese investors bought more securities abroad than they sold for a seventh week.

London from 133.23 in New York yesterday, the biggest drop since June 1. It fell to 96.31 per dollar from 95.66. Japan’s currency slid 1 percent to 76.97 versus Australia's dollar and weakened 0.9 percent to 61.83 per New Zealand dollar. The U.S. currency bought $1.3976 per euro from $1.3930.

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The yen rose to a one-month high against the euro as Asian stocks slumped on concern the global recession will be prolonged, spurring demand for the relative safety of Japan's currency. The yen strengthened against all 16 most-traded currencies before a U.S. report tomorrow that economists say will show durable-goods orders declined in May. Japan's currency also gained for a third day against the dollar after the World Bank yesterday forecast the global recession will be deeper than it earlier projected.

The yen advanced to 131.84 per euro as of 7:31 a.m. in London from 132.93 yesterday in New York. It earlier reached 131.43, the strongest level since May 22. The yen climbed to 95.15 per dollar from 95.87, after rising to 94.99, the highest since June 1. The dollar traded at $1.3864 per euro from $1.3865.

Canada's dollar fell to the lowest level in more than a month against its U.S. counterpart on speculation recovery from the first global recession since World War II will take longer than some forecast. The Canadian currency, known as the loonie, dropped 1.6 percent to C$1.1537 per U.S. dollar at 4:35 p.m. in Toronto, from C$1.1352 on June 19. It touched C$1.1556, the weakest level since May 20, when it reached C$1.1584. One Canadian dollar buys 86.68 U.S. cents.

Gold dropped for a second day in Asia as some investors sold the metal for cash after global equities slumped on concern the global economic recovery will falter. Gold for immediate delivery was down 0.7 percent at $916.60 an ounce at 1:30 p.m. in Singapore after earlier touching $913.24, the lowest since May 12.

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The yen weakened for a second day against the euro after a Japanese report showed the decline in exports accelerated, boosting expectations the nation's investors will funnel their summer bonuses overseas.

The yen also declined against the dollar as the MSCI World Index snapped two days of declines, spurring demand for higher- yielding assets. The dollar dropped to its lowest level in more than a week against the euro on speculation the Federal Reserve will signal today it will keep interest rates at a record low for longer to revive economic growth.

The yen weakened to 134.61 per euro as of 8:32 a.m. in London from 134.04 in New York yesterday, when it appreciated to 131.43, it strongest level since May 22. Japan's currency dropped to 95.43 per dollar from 95.22. The dollar fell to $1.4109 per euro from $1.4077 yesterday, after earlier depreciating to $1.4138, the weakest since June 11.

Gold, little changed in early Asian trading, may rise as a weaker dollar revives demand for the precious metal as an alternative investment. Silver gained. Bullion for immediate delivery traded at $925.54 an ounce at 8:21 a.m. Singapore time. Gold for August delivery were also little changed at $925.70 on the New York Mercantile Exchange's Comex division.

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The yen and the dollar gained as concern the political tension in Iran is worsening and a World Bank report saying the global recession will be deeper than earlier predicted fanned demand for the currencies as a refuge. The yen typically strengthens in times of financial turmoil as Japan's trade surplus makes the currency attractive as it means the nation does not have to rely on overseas lenders. The dollar benefits as it is the World's reserve currency. The World Bank forecast in a report that the world economy will contract 2.9 percent this year, compared with a previous estimate of a 1.7 percent decline.

Iran's government detained five members of former President Ali Akbar Hashemi Rafsanjani's family and said at least 17 people had been killed during protests over this month’s disputed election.

The yen advanced to 133.24 per euro as of 7:49 a.m. in London from 134.18 in New York last week, after rising as high as 133.02. Japan's currency strengthened to 96.13 per dollar from 96.27. The dollar climbed to $1.3855 per euro from $1.3937.

Crude oil was little changed in New York after falling on concerns that U.S. gasoline stockpiles will increase because of weak demand during the recession. Oil traded below $70 a barrel for a second day after gains in refinery output amid lower consumption pulled motor fuel futures down by 5.2 percent. Gasoline inventories in the U.S., the world's biggest oil consumer, climbed a larger-than-expected 3.39 million barrels in the week ended June 12, the Energy Department said last week.

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Resistance & support

EURUSD GBPUSD USDJPY USDCHF 1.4060 1.6620 97.40 1.0980 1.3980 1.6480 97.00 1.0920 1.3920 1.6330 96.30 1.0840 1.3840 1.6200 95.90 1.0780 1.3790 1.6050 95.20 1.0700

Economic calendar

Date Time (GMT) Currency Impact Actual Forecast Previous Fri Jun 19 6:00am EUR German PPI m/m 0.0% -0.1% -1.4% 8:00am EUR Italian Unemployment Rate 7.3% 6.9% 12:30pm CAD Core Retail Sales m/m -0.1% -0.2% 12:30pm CAD Retail Sales m/m 0.0% 0.3% 1:45pm CHF Gov Board Member Jordan Speaks

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The euro rose the most in two weeks against the yen after European Union leaders said the 16-nation region is on course for a "sustainable economic recovery." The yen still headed for weekly gains versus the dollar and the euro after U.S. reports earlier this week showed confidence among homebuilders fell unexpectedly and industrial production dropped for a seventh month, raising concerns any recovery by the world's largest economy will take time.

Europe's currency also gained against the dollar after the leaders also said "further budgetary stimulus would not be warranted," in the draft of a statement to be approved today, signaling the recession is easing.

The Australian dollar, the South African Rand and the Norwegian krone strengthened the most against the yen as Asian stocks headed for their biggest advance in a week, spurring demand for higher-yielding assets.

The euro advanced 0.6 percent to 135.00 yen as of 7:34 a.m. in London from 134.17 in New York yesterday, the biggest gain since June 5. The European currency climbed to $1.3923 from $1.3900. The yen fell to 96.96 per dollar from 96.47. It dropped 1.1 percent to 77.87 against Australia’s dollar and lost 0.6 percent to 11.8939 to the rand.

Gold, little changed, headed for the longest weekly declining streak in two months as the dollar rallied, eroding demand for the metal as a haven investment. Gold for immediate delivery was at $933.40 an ounce at 3:01 p.m. in Singapore, 0.6 percent lower this week. The metal is heading for a third weekly drop, the longest declining streak since April 17.

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Resistance & support

EURUSD GBPUSD USDJPY USDCHF 1.4090 1.6630 97.20 1.0990 1.4020 1.6510 96.40 1.0890 1.3910 1.6370 96.00 1.0830 1.3840 1.6250 95.20 1.0730 1.3740 1.6110 94.70 1.0670

Economic calendar

Date Time (GMT) Currency Impact Actual Forecast Previous Thu Jun 18 1:30am AUD RBA Monthly Bulletin 7:30am CHF Libor Rate 0.25% 0.25% 0.25% 7:30am CHF SNB Monetary Policy Assessment 7:30am CHF SNB Press Conference 7:30am CHF SNB Financial Stability Report 8:00am EUR Italian Trade Balance -0.28B -0.02B 0.08B 8:30am GBP Retail Sales m/m -0.6% 0.4% 0.9% 8:30am GBP Public Sector Net Borrowing 19.9B 18.9B 8.5B 8:30am GBP Prelim M4 Money Supply m/m 0.2% 0.7% 0.1% 10:00am GBP CBI Industrial Order Expectations -45 -56 11:00am CAD Core CPI m/m 0.1% 0.1% 11:00am CAD CPI m/m 0.4% -0.1% 12:30pm USD Unemployment Claims 608K 601K 1:30pm USD Treasury Sec Geithner Speaks 2:00pm USD Philly Fed Manufacturing Index -17.6 -22.6 2:00pm USD CB Leading Index m/m 0.8% 1.0% 2:30pm USD Natural Gas Storage 104B 106B 5:30pm USD Treasury Sec Geithner Speaks 6:15pm CAD BOC Gov Carney Speaks 7:30pm CAD BOC Gov Carney Speaks 11:50pm JPY Monetary Policy Meeting Minutes

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