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The yen declined from a three-week high against the euro and weakened versus the dollar as speculation the global economy is close to bottoming revived demand for higher-yielding assets.

Japan's currency fell versus all of the 16 major currencies after Japanese stocks rebounded, President Barack Obama said he is confident growth in the U.S. will begin "shortly" and the Bank of Japan raised its assessment of the economy. The dollar dropped against the euro after the leaders of Brazil, Russia, India and China yesterday called for a "more diversified" global monetary system.

The yen declined to 134.52 per euro as of 7:36 a.m. in London from 133.38 in New York yesterday, after earlier rising to 132.56, the highest level since May 28. Japan's currency dropped to 96.67 against the dollar from 96.38. The dollar weakened to $1.3920 per euro from $1.3837.

Crude oil rose above $71 a barrel in New York as investors sought commodities as a hedge against inflation after the dollar fell against the euro for a second day. Crude oil for July delivery climbed as much as 72 cents, or 1 percent, to $71.19 a barrel in electronic trading on the New York Mercantile Exchange. It was at $71.12 a barrel at 2:33 p.m. Singapore time. Futures earlier fell as much as 56 cents, or 0.8 percent, to $69.91 a barrel.

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Japan's currency extended gains versus the dollar and the euro after the Bank of Japan raised its view of the nation’s economy for a second month and left the overnight lending rate unchanged at 0.1 percent. The yen also rose against higher-yielding currencies and advanced the most in 12 weeks versus the dollar as stocks declined and the Bank of Japan said the nation’s deepest recession since World War II is easing.

The yen climbed to 132.97 per euro as of 7:02 a.m. in London from 134.99 yesterday in New York. It earlier rose to 132.74, the strongest level since May 28. The yen gained 1.8 percent to 96.16 per dollar, the biggest gain since March 19.

The euro rose to $1.3828 from $1.3803, after earlier weakening to $1.3749, the lowest level since May 21. Europe’s single currency advanced to 84.83 British pence from 84.57 pence.

The ZEW Center for European Economic Research will say its index of investor and analyst expectations rose to 35 from 31.1 in May, according to the median of forecast in a Bloomberg survey. That would be the highest reading since June 2006. ZEW releases the report, which aims to predict economic Developments six months ahead, at 11 a.m. in Mannheim today.

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The dollar rose the most in a week against the euro after Russia's Finance Minister Alexei Kudrin said the nation has full confidence in the U.S. currency.

The greenback advanced against 15 of the 16 major currencies as Kudrin said in an interview on June 13 that it was too early to speak of an alternative to the world's reserve currency. The euro extended losses against the dollar after Britain's Telegraph newspaper cited Germany's top industrial group as saying credit conditions in Europe's largest economy are worsening. The yen strengthened as Asian stocks slid, boosting demand for the relative safety of Japan's currency.

The dollar rose 0.9 percent to $1.3897 per euro as of 7:59 a.m. in London from $1.4016 in New York last week. That was the biggest gain since June 5. The U.S. currency advanced to $1.6352 per British pound from $1.6443, and climbed to 1.0876 Swiss francs from 1.0791 francs.

The euro weakened to 136.63 yen from 137.89 yen. The Australian dollar dropped 1.1 percent to 79.07 yen and the New Zealand dollar weakened 1.2 percent to 62.52 yen. The yen traded at 98.32 per dollar from 98.43.

Gold declined to the lowest in more than three weeks as a rallying dollar eroded interest in the precious metal as a haven investment. Gold for immediate delivery fell as much as 0.7 percent to $933.13 an ounce, the lowest since May 20, and was at $933.57 an ounce by 1:59 p.m. in Singapore.

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The dollar declined against higher yielding currencies as speculation the global recession is easing prompted investors to buy riskier assets.

The New Zealand and Australian dollars gained the most of the 16 most-active currencies after New Zealand's central bank left interest rates unchanged for the first time in a year and Australia reported a smaller-than-expected drop in jobs. The euro rose against the dollar on speculation European Central Bank officials will signal a reluctance to cut interest rates, maintaining the currency’s appeal. Benchmark interest rates are 3 percent in Australia and 2.5 percent in New Zealand, compared with 0.1 percent in Japan and as low as zero in the U.S., attracting investors to the South Pacific nations’ higher-yielding assets.

The euro rose against the dollar on speculation European Central Bank President Jean-Claude Trichet will signal in a speech in Sofia tomorrow that there is no need to cut interest rates further.

The dollar dropped to $1.4015 per euro as of 8:05 a.m. in London from $1.3984 yesterday in New York. Japan's currency traded at 137.29 per euro from 137.21. It fell to 139.22 on June 5, the weakest since Oct. 15. The U.S. currency fell to 97.83 yen from 98.12 yen.

New Zealand's dollar climbed 2 percent to 63.84 U.S. cents, and advanced 1.6 percent to 62.44 yen. Australia's dollar rose 0.8 percent to 80.97 U.S. cents and gained 0.6 percent to 79.23 yen.

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The yen advanced from a one-month low against the dollar and gained versus the euro after Japanese reports showed bankruptcies declined and merchant confidence improved, spurring demand for the nation's assets.

The yen rose against 12 of the 16 most-traded currencies after Tokyo Shoko Research Ltd. said bankruptcies fell 6.7 percent from a year earlier. Australia’s dollar was the best performer of the major currencies on optimism U.S. reports on retail sales and consumer confidence this week will add to signs the global economy is improving, spurring demand for higher- yield currencies.

The pound fell a fourth day as U.K. Prime Minister Gordon Brown struggles to retain his party’s loyalty.

The yen gained to 98.53 per dollar as of 6:52 a.m. in London from 98.64 in New York on June 5 when it dropped to 98.89, the lowest level since May 8. The yen climbed to 137.64 per euro from 137.81. The dollar was at $1.3975 per euro from $1.3968. Australia’s dollar rose 0.5 percent to 79.73 U.S. cents. The pound dropped to $1.5924 from $1.5981.

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The yen declined, heading for a third weekly loss against the euro, as Asian stocks advanced on speculation the worst of the financial crisis is over, spurring demand for higher-yielding assets.

The yen weakened against 11 of the 16 major currencies before a U.S. report today that may show employers cut fewer jobs last month, damping demand for the relative safety of Japan’s currency. The euro strengthened for a fourth day versus the British pound after European Central Bank President Jean-Claude Trichet said yesterday the region's economic performance will improve this year. The Australian and New Zealand dollars gained as commodity prices rose.

The yen fell to 137.37 per euro as of 7:21 a.m. in London, from 136.97 yesterday in New York, heading for a 1.7 percent drop this week. Japan’s currency slid to 96.76 per dollar from 96.58, set for a 1.5 percent weekly loss. The euro traded at $1.4199 from $1.4183. It climbed to $1.4338 on June 3, the strongest this year. The euro rose to 88.23 pence from 87.68.

Australia's dollar climbed 0.5 percent to 77.80 yen and gained 0.3 percent to 80.40 U.S. cents. New Zealand’s dollar climbed 0.4 percent to 61.49 yen. Australia benchmark interest rate is 3 percent and New Zealand’s is 2.5 percent, compared with 0.1 percent in Japan, luring investors to the South Pacific nation’s higher returns. 

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The yen weakened for a second day versus the dollar and declined against the euro after a report showed Japanese investors increased purchases of overseas bonds to the most in a month. Japan's Ministry of Finance said local investors bought 982 billion yen ($10.2 billion) more overseas bonds than they sold last week.

The pound fell for a second day versus the dollar before the Bank of England announces its policy decision at noon in London. Governor Mervyn King’s forecasts last month showed it needs to spend 125 billion pounds ($204 billion) of newly printed money in U.K. debt markets to combat the recession. 

The yen dropped to 136.59 per euro as of 7:34 a.m. in London, from 135.93 in New York yesterday, when it fell to 138.00, the weakest level since Oct. 20. The yen declined to 96.17 per dollar from 95.99. The U.S. currency fell to $1.4203 per euro from $1.4162 yesterday, when it slid to $1.4338, the lowest this year. The pound dropped to $1.6294 from $1.6317.

Gains in the euro against the dollar may be limited on speculation European Central Bank policy makers also meeting today will take further steps to keep down borrowing costs in the 16-nation region as optimism over the global recovery wanes. 

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