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The yen and the dollar weakened against the euro before a U.S. report today that economists said will show the contraction in industrial production slowed, damping demand for safer assets. The yen and the dollar also weakened after Intel Corp.'s revenue forecast beat estimates yesterday and Goldman Sachs Group Inc. reported higher-than-expected earnings, damping demand for safer assets.

Asian currencies strengthened, as regional stocks gained and foreign- exchange and equity-market volatility declined, spurring investors to buy higher-yielding assets. However, the yen declined against 13 of the 16 major currencies after the Bank of Japan lowered its forecasts for the economy, reducing the appeal of the currency. Bank of Japan forecast the economy will shrink 3.4 percent in the year ending March 2010, more than the 3.1 percent predicted in April. That would outstrip last fiscal year's 3.3 percent contraction as the worst in the postwar era. GDP will increase 1 percent in the following fiscal year, less than the 1.2 percent predicted three months ago.

The yen declined to 131.37 per euro as of 7:50 a.m. in London from 130.62 yesterday in New York, after earlier dropping to 131.40, the lowest since July 8. The dollar weakened to $1.4060 per euro from $1.3967. The yen was at 93.42 versus the dollar from 93.50.

The pound rose against the dollar, climbing 0.3 percent $1.6355 as of 6:59 a.m. in London. The British currency was little changed versus the euro, trading at 85.60 pence, from 85.62 pence yesterday.

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The yen and the dollar strengthened for a second day against the euro as Asian stocks declined, increasing demand for the relative safety of the Japanese and U.S. currencies.

The yen rose against all 16 most-traded currencies after the Sunday Times reported Lloyds Banking Group Plc may announce further losses of as much as 13 billion pounds ($20.9 billion) and the Wall Street Journal said major U.S. airlines may have to file for bankruptcy. U.S. carriers such as AMR Corp.’s American Airlines and Delta Air Lines Inc. may face the prospect of having to file for Chapter 11 bankruptcy by the winter if liquidity does not improve, the WSJ reported today, citing analysts.

The yen rose to 128.18 per euro as of 7:46 a.m. in London from 129.00 in New York last week, when it reached 127.02, the strongest since May 18. The dollar advanced to $1.3910 per euro from $1.3936. The yen advanced to 92.10 per dollar from 92.54.

The pound fell for a second day against the dollar and the euro after the Sunday Times newspaper, without saying where it got the information, said yesterday Lloyds will reveal the losses in its first-half results scheduled to be reported in three weeks. The British currency slid 0.6 percent to $1.6114 as of 6:28 a.m. in London, and weakened 0.5 percent to 86.38 pence per euro.

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The euro fell, heading for its worst week against the yen in two months, after Handelsblatt reported the International Monetary Fund is discussing aid programs with at least 10 Eastern European governments.

Europe's currency weakened versus 12 of its 16 major counterparts after the German newspaper cited unidentified IMF officials as saying the countries applying for loans for the first time included Bulgaria, Croatia and Macedonia.

The yen and the dollar rose against most major currencies as U.S. stock futures fell, boosting demand for safer assets.

The euro declined to 129.09 yen as of 7:58 a.m. in London from 130.36 yesterday in New York, set for a 3.8 percent loss this week, the biggest since the period ended May 15. Europe’s currency dropped to $1.3947 from $1.4020. Japan's currency rose to 92.64 per dollar from 92.99.

Canada's dollar rose from near a seven-week low as advances by commodities and stocks boosted investor demand for higher-yielding assets such as commodity- linked currencies. Canada’s currency strengthened 0.5 percent to C$1.1622 per U.S. dollar at 4:57 p.m. in Toronto, from C$1.1675 yesterday, when it touched C$1.1725, the weakest level since May 18. One Canadian dollar buys 86.05 U.S. cents.

Gold traded little changed in Asia, headed for a second weekly decline after falling to a two-month low this week as the dollar rallied, curbing demand for the metal as a hedge against accelerating consumer prices. Gold for immediate delivery traded at $913.72 an ounce at 2:31 p.m. in Singapore, down 2 percent this week. August delivery futures on the Comex division of the New York Mercantile Exchange were down 0.4 percent at $913.

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The yen fell from a four-month high against the dollar on speculation Japanese importers sold the currency and as technical charts signaled its 3 percent gain in the past five days was excessive.

The yen weakened versus all of its 16 major counterparts after a Japanese government official said excessive currency movements were undesirable, spurring speculation the nation may eventually intervene to limit its gains. The yen and the dollar also fell as U.S. stock futures advanced and the International Monetary Fund said the global recovery next year will be stronger than it forecast in April, encouraging investors to buy higher-yielding assets.

The yen declined to 93.19 versus the dollar as of 7:40 a.m. in London from 92.88 in New York yesterday, when it strengthened to 91.81, the highest level since Feb. 17. Japan's currency fell to 129.85 per euro from 128.95. The euro advanced to $1.3927 from $1.3884.

Crude oil rebounded from a seven-week low as traders took the view that the decline in prices during the longest losing streak this year was overdone. Oil snapped a six-day slump as traders bought contracts based on technical indicators. Crude has fallen below $62.55 a barrel yesterday, the lower resistance level of the Bollinger Band, indicating it was oversold. Crude oil for August delivery gained as much as 85 cents, or 1.4 percent, to $60.99 a barrel on the New York Mercantile Exchange, and traded at $60.81 at 3:30 p.m. Singapore time. Futures touched $60.01 yesterday before closing down 4.4

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The yen strengthened to a six-week high against the euro and the dollar as Asian stocks fell and Japanese machinery orders unexpectedly declined, adding to signs the global recession is far from over.

The yen rose against all of the 16 major currencies for a second day on speculation the worldwide slump will sap corporate earnings, increasing demand for safer assets. The dollar fell for a third day against the yen on concern the greenback's role as the world's reserve currency will be questioned at a Group of Eight meeting starting today.

The yen rose to 130.97 per euro as of 7:48 a.m. in London, from 132.13 yesterday in New York. It earlier climbed to 130.42, the strongest since May 21. Japan’s currency advanced to 94.25 per dollar, after reaching 94.08, the highest since May 22. The euro fell to $1.3893 from $1.3924. The pound weakened 0.3 percent to $1.6084.

Crude oil fell, poised for the longest losing streak since December, as equities slumped and an industry report showed an increase in U.S. fuel inventories. Crude oil for August delivery fell as much as $1.06, or 1.7 percent, to $61.87 a barrel on the New York Mercantile Exchange, the lowest intraday price since May 26. Oil was at $62.19 a barrel at 2:51 p.m. Singapore time.

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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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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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