The yen rose for a second day against the euro and the dollar after Chinese reports showed industrial output grew less than expected and exports fell, spurring demand for the relative safety of Japan's currency.
China's statistics bureau said industrial production grew 10.8 percent in July, below the median estimate for a 11.5 percent gain forecast by economists surveyed by Bloomberg News. Consumer prices fell 1.8 percent and producer prices slid a record 8.2 percent. Exports dropped 23 percent from a year earlier, the customs bureau said.
The yen strengthened versus all of its 16 major counterparts after China also said producer and consumer prices both dropped. The euro slid to the lowest level in almost a week against Japan's currency after Standard & Poor's cut the credit ratings of Estonia and Latvia.
The yen advanced to 137.05 per euro as of 7:33 a.m. in London from 137.36 in New York yesterday, after earlier rising to 136.46, the strongest level since Aug. 5. It climbed to 96.84 per dollar from 97.15. The euro traded at $1.4152 from $1.4140, and bought 85.80 British pence from 85.79 pence.
Gold traded near the lowest this month on speculation that the dollar will continue to advance on data pointing to a recovery in the U.S. jobs market. Bullion touched $943.50 an ounce yesterday, the lowest level price since July 31, as the Dollar Index, a six-currency gauge of the greenback’s strength, extended a rebound from a 10- month low. Gold for immediate delivery traded little changed at $946.15 an ounce at 8:56 a.m. in Singapore. The metal is up 7.3 percent this year.
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