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The yen and the dollar rose against the euro on speculation European finance ministers will today reiterate the global recession is far from over, spurring demand for the relative safety of the U.S. and Japanese currencies.

The yen advanced versus all 16 of the most-traded currencies as Asian stocks declined, prompting investors to reduce holdings of higher-yielding assets. Japan’s currency approached a two-week high against the euro after Luxembourg Finance Minister Jean-Claude Juncker said at a meeting of euro- area counterparts in Brussels yesterday that "we are still in the middle" of the worldwide financial crisis.

Juncker's comments in Brussels yesterday came after the Organization for Economic Cooperation and Development said last month signs of a recovery in the 16-nation euro area were not clear. The OECD cut its 2009 forecast for the region’s economy to a contraction of 4.8 percent, from a decline of 4.1 percent projected in March, and said the ECB should lower its benchmark interest rate from 1 percent.

The yen rose to 132.41 per euro as of 7:42 a.m. in London from 133.34 yesterday in New York, when it advanced to 131.74, the highest since June 23. The dollar climbed to $1.3921 per euro from $1.3984, after yesterday reaching $1.3877, also the strongest since June 23. The dollar bought 95.10 yen from 95.35.

The pound declined to $1.6190 as of 7:46 a.m. in London, from $1.6286 yesterday, the first time it dropped for four consecutive days since April 10. It weakened to 85.97 pence per euro, from 85.85 pence.

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Forex trading dollar climbs euro tumbles July 2

The dollar strengthened after a Chinese Foreign Ministry official said he hoped the greenback would remain stable and was "not aware" of a plan to discuss a new reserve currency at next week's Group of Eight meeting.

The dollar climbed from a three-week low versus the euro after falling yesterday when Reuters reported that China had asked to debate proposals for a new global reserve currency at the G-8 summit in Italy. The yen rose from near a two-week low against the euro on speculation a U.S. report today will show the world's biggest economy lost jobs for an 18th month, spurring demand for the safety of Japan's currency.

The dollar climbed to $1.4119 per euro as of 7:40 a.m. in London from $1.4142 in New York yesterday, when it declined to $1.4201, the lowest since June 5. The U.S. currency was at 96.66 yen from 96.65 yen. The yen rose to 136.44 per euro from 136.70 yesterday, when it fell to 136.89, the weakest since June 15.

The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners including the euro, yen and pound, advanced 0.2 percent to 79.764.

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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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The US dollar fell, heading for its biggest weekly loss against the euro in a month, as European and Asian stocks rose and traders added to bets the Federal Reserve will keep interest rates low.

The dollar slid against 13 of the 16 major currencies as Dallas Fed President Richard Fisher may today elaborate on the central bank's statement this week that the benchmark rate will stay at "exceptionally low levels." Australia's dollar climbed for a fourth day against the greenback and the yen as commodity prices rose, encouraging demand for the nation’s assets. New Zealand's dollar fell after the government said the economy shrank at a faster pace than predicted by economists.

The dollar declined to $1.4034 per euro as of 9:38 a.m. in London, from $1.3988 yesterday in New York, extending its loss this week to 0.7 percent. The yen weakened to 134.57 per euro, from 134.22. The U.S. currency traded little changed at 95.90 yen, from 95.95 yen.

Australia's dollar rose 0.3 percent to 80.46 U.S. cents and climbed 0.2 percent to 77.17 yen. The Norwegian krone, the world's fifth-largest oil exporter, rose 0.4 percent to 6.4466 per dollar. The New Zealand currency slipped 0.3 percent to 64.35 U.S. cents.

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The Swiss National Bank is attempting to put a "line in the sand" with its first intervention in the foreign-exchange market in more than a decade after previous attempts to weaken the franc failed. Foreign-exchange traders said the Zurich-based central bank intervened twice yesterday, driving the franc down against more than 150 currencies. It fell the most in three months versus the dollar and euro. The franc strengthened as much as 0.3 percent against the U.S. and European currencies today.

The Swiss franc was however little changed against the euro and rose versus the dollar. The Swiss currency traded at 1.5299 per euro as of 7:22 a.m. in Zurich, from 1.5294 yesterday, when it weakened 1.8 percent. The franc strengthened to 1.0955 against the dollar, from 1.0979.

The yen fell the most in three weeks against the euro after a government report showed Japanese investors bought more securities abroad than they sold for a seventh week.

London from 133.23 in New York yesterday, the biggest drop since June 1. It fell to 96.31 per dollar from 95.66. Japan’s currency slid 1 percent to 76.97 versus Australia's dollar and weakened 0.9 percent to 61.83 per New Zealand dollar. The U.S. currency bought $1.3976 per euro from $1.3930.

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The yen rose to a one-month high against the euro as Asian stocks slumped on concern the global recession will be prolonged, spurring demand for the relative safety of Japan's currency. The yen strengthened against all 16 most-traded currencies before a U.S. report tomorrow that economists say will show durable-goods orders declined in May. Japan's currency also gained for a third day against the dollar after the World Bank yesterday forecast the global recession will be deeper than it earlier projected.

The yen advanced to 131.84 per euro as of 7:31 a.m. in London from 132.93 yesterday in New York. It earlier reached 131.43, the strongest level since May 22. The yen climbed to 95.15 per dollar from 95.87, after rising to 94.99, the highest since June 1. The dollar traded at $1.3864 per euro from $1.3865.

Canada's dollar fell to the lowest level in more than a month against its U.S. counterpart on speculation recovery from the first global recession since World War II will take longer than some forecast. The Canadian currency, known as the loonie, dropped 1.6 percent to C$1.1537 per U.S. dollar at 4:35 p.m. in Toronto, from C$1.1352 on June 19. It touched C$1.1556, the weakest level since May 20, when it reached C$1.1584. One Canadian dollar buys 86.68 U.S. cents.

Gold dropped for a second day in Asia as some investors sold the metal for cash after global equities slumped on concern the global economic recovery will falter. Gold for immediate delivery was down 0.7 percent at $916.60 an ounce at 1:30 p.m. in Singapore after earlier touching $913.24, the lowest since May 12.

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The yen weakened for a second day against the euro after a Japanese report showed the decline in exports accelerated, boosting expectations the nation's investors will funnel their summer bonuses overseas.

The yen also declined against the dollar as the MSCI World Index snapped two days of declines, spurring demand for higher- yielding assets. The dollar dropped to its lowest level in more than a week against the euro on speculation the Federal Reserve will signal today it will keep interest rates at a record low for longer to revive economic growth.

The yen weakened to 134.61 per euro as of 8:32 a.m. in London from 134.04 in New York yesterday, when it appreciated to 131.43, it strongest level since May 22. Japan's currency dropped to 95.43 per dollar from 95.22. The dollar fell to $1.4109 per euro from $1.4077 yesterday, after earlier depreciating to $1.4138, the weakest since June 11.

Gold, little changed in early Asian trading, may rise as a weaker dollar revives demand for the precious metal as an alternative investment. Silver gained. Bullion for immediate delivery traded at $925.54 an ounce at 8:21 a.m. Singapore time. Gold for August delivery were also little changed at $925.70 on the New York Mercantile Exchange's Comex division.

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