Tuesday, June 30, 2009

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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