In another sign the worst of the U.S. recession is over, a gauge of current conditions showed the economy steadied last month. The Conference Board's coincident index was unchanged in July after falling in 17 of the 19 months since the contraction started in December 2007, figures from the New York-based private research group showed yesterday. The more closely watched gauge of leading indicators, which shows the outlook for the next three to six months, climbed for a fourth month.
The yen rose, heading for a second weekly gain against the euro, as China was said to be planning to tighten capital requirements for banks, accelerating losses in stocks and boosting demand for Japan's currency as a refuge. Higher-yielding currencies slid versus the yen and the dollar after people familiar with the matter said the China Banking Regulatory Commission sent a draft of the rule changes to banks on Aug. 19. The yen climbed versus all of its 16 major counterparts on concern toxic securities will continue to hurt U.S. banks, extending the global financial crisis.
The yen strengthened to 93.72 per dollar as of 7:27 a.m. in London from 94.19 in New York yesterday, after earlier reaching 93.48, the highest level since July 22. It has risen 1.3 percent in the past five days, adding to last week's 2.8 percent gain. Japan's currency climbed to 133.32 per euro from 134.26.
The dollar advanced to $1.4235 per euro from $1.4254 yesterday. It has weakened 0.2 percent versus the euro in the past five sessions, following a 0.1 percent decline last week.
The Australian dollar fell to 77.39 yen from 78.31 yen and dropped to 82.56 U.S. cents from 83.13 cents. The New Zealand dollar slid to 63.17 yen from 63.78, and declined to 67.39 U.S. cents from 67.72.
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