Canada's currency dropped from near the highest level in 10 months as Finance Minister Jim Flaherty said he is concerned about its "rapid" appreciation and said there are steps the central bank could take to damp its rise. The currency weakened 0.6 percent to C$1.0726 per U.S. dollar at 5 p.m. in Toronto, from C$1.0658 yesterday, when it gained 1.1 percent, the most in almost three weeks. It touched C$1.0633 earlier today, the strongest since Oct. 2. One Canadian dollar buys 93.23 U.S. cents.
The yen and the dollar rose after Lloyds Banking Group Plc posted a first-half loss and increased the size of bad-debt provisions, boosting demand for the safety of the Japanese and U.S. currencies.
The pound fell for the first time in six days against the yen after London-based Lloyds said its total impairments in the first half were "significantly" higher at 13.4 billion pounds ($22.7 billion). The yen gained for a second day against the euro as Asian shares dropped and on speculation Japanese exporters took advantage of the yen’s 1.3 percent drop versus Europe's currency this month to bring home funds.
Japan's currency rose to 94.93 per dollar as of 7:38 a.m. in London from 95.23 yesterday in New York. It advanced to 136.51 per euro from 137.21. The dollar climbed to $1.4378 per euro from $1.4408. The pound dropped to $1.6912 from $1.6939, and fell to 160.84 yen from 161.31 yen.
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