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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