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The yen rose as traders scaled back bets on higher-yielding currencies and stocks snapped three days of gains, fueling demand for the Japanese currency as a haven.
The yen advanced most against the Swedish krona and South African rand as Standard Chartered Plc said it plans to raise $1.69 billion in a share sale and Yamaha Motor Co., the world’s second-largest maker of motor bikes, forecast a wider loss. The euro weakened versus the dollar after a report showed producer prices fell at a record pace. The Australian dollar fell after the Reserve Bank of Australia kept interest rates at the lowest level in half a century. The yen also gained on speculation Japanese exporters are taking advantage of the currency’s decline against the euro and the dollar to bring home income from abroad. The yen has dropped 7.1 percent compared with the euro this year and 4.2 percent versus the dollar.
The yen strengthened to 136.38 per euro as of 6:24 a.m. in New York, from 137.31 yesterday, and to 94.71 per dollar, from 95.26. The euro traded at $1.4396, from $1.4412 yesterday, when it rose to $1.4445, the strongest since Dec. 18.
Europe's Dow Jones Stoxx 600 Index fell 0.8 percent after trading at its highest level relative to profits since 2003. The MSCI World Index declined 0.2 percent.

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Forex high lights Yen decline, Pound takes off on economic news

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The yen declined and the pound rose after HSBC Holdings Plc posted an unexpected profit and former Federal Reserve Chairman Alan Greenspan said the most severe recession in at least five decades may be ending.
Economic growth may resume at a rate faster than most economists foresee, Greenspan said in an interview yesterday on ABC's "This Week" program, predicting 2.5 percent in the current quarter.
The pound rose for a sixth day against the euro, gaining to 84.89 pence as the U.K.'s Chartered Institute of Purchasing and Supply and Market Economics said today manufacturing expanded in July for the first time in more than a year.
Japan's currency fell against all its 16 most-traded counterparts on increased demand for higher-yielding assets as HSBC reported its results. U.S. manufacturing shrank in July at the slowest pace in almost year, a report from the Institute for Supply Management is forecast to show today.
The yen weakened 1 percent to 159.76 per pound at 7:12 a.m. in New York, from 158.23 on July 31. Japan's currency dropped 0.5 percent to 135.70 per euro and slid 0.3 percent to 94.97 per dollar. The U.S. currency declined 0.2 percent to $1.4290 per euro, compared with $1.4257.

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Learn how to trade Forex Currency Trading Charts July 23

Gold gained in Asia for a second day as weakness in the dollar bolstered demand for the precious metal as a store of value. Gold for immediate delivery advanced 0.2 percent to $953.35 an ounce at 12:35 p.m. in Singapore. The metal has gained 8.1 percent this year, while the Dollar Index dropped 3.1 percent. Gains in the metal may stall as the market is struggling to push beyond resistance near 955 and the risks are for it to pull back to 932 as inidicated by Fibonacci ratios.
The yen fell the most in a week against the euro as Japanese financial companies prepared to raise at least 700 billion yen ($7.42 billion) for funds that will invest in international assets.
The yen fell to 134.38 per euro as of 7:35 a.m. in London from 133.18 in New York yesterday. The yen dropped to 94.27 versus the greenback from 93.68. The dollar slid to $1.4256 per euro from $1.4220.
The pound slipped against the euro and was little changed versus the dollar. The British currency fell 0.2 percent to 86.41 pence per euro as of 6:41 a.m. in London. The pound traded at $1.6487, from $1.6493 yesterday.

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Currency trading, Euro advances as consumer spending increases.

The yen and the dollar fell against higher-yielding currencies as stocks gained before a U.S. report that economists said will show an index of leading economic indicators rose, damping demand for safer assets.

The euro advanced to a two-week high against the dollar before a French report this week that may show consumer spending rebounded last month, signaling the worst of the global recession is over.

The Canadian dollar registered its first five-day increase since May, ending a six-week losing streak, as investors raised bets on higher-yielding assets on speculation the global recession is easing. Canada’s currency, appreciated to C$1.1134 per U.S. dollar in Toronto, from C$1.1638 on July 10. Its last weekly gain, a 2.6 percent increase, was posted May 29. One Canadian dollar buys 89.81 U.S. cents.

The yen declined to 134.10 per euro as of 7:40 a.m. in London from 132.85 in New York last week, after earlier dropping to 134.34, matching its low on July 6. The dollar fell to $1.4160 per euro from $1.4102, after slipping to $1.4181, the weakest level since July 1. Japan’s currency slid to 94.75 versus the dollar from 94.19.

Crude oil rose for a fourth day on speculation demand will increase as stock markets advanced and Chinese refiners boosted processing to a 16-month high. Crude oil for August delivery rose as much as 73 cents, or 1.2 percent, to $64.29 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Prices were at $64.25 at 2:10 p.m. Singapore time. Oil has gained 44 percent this year.

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The yen and Treasuries advanced as speculation CIT Group Inc. will file for bankruptcy and blasts in Indonesia’s capital spurred demand for safer assets.

Japan's currency climbed against 15 of its 16 major counterparts after New-York based CIT, the lender facing insolvency because it failed to obtain U.S. guarantees for its bonds, said it is still in talks to secure financing. CIT may need as much as $6 billion to avoid bankruptcy, CreditSights Inc. analysts said yesterday. CIT executives are seeking $2 billion to $3 billion in financing from the private sector, the Wall Street Journal reported, citing unidentified people familiar with the situation.

The yen gained for a second day against the euro as bombs tore through the Ritz Carlton and the JW Marriott hotels in the Indonesian capital, killing at least nine people and injuring 42 others, police said.

The yen rose to 132.14 versus the euro as of 7:35 a.m. in London from 132.89 yesterday in New York, and climbed to 93.66 per dollar from 93.93. The U.S. currency gained to $1.4089 per euro from $1.4148.

Futures on the Standard & Poor's 500 Index declined 0.3 percent, suggesting U.S. stocks will open trading lower. The Dollar Index, which the ICE uses to track the currency against those of six major U.S. trading partners such as the euro and the yen, rose 0.4 percent to 79.422.

Crude oil fell in New York, reversing two days of gains, as the dollar rose against the euro, limiting the appeal of commodities as an investment. Crude oil for August delivery fell as much as 52 cents, or 0.8 percent, to $61.50 a barrel on the New York Mercantile Exchange. It was at $61.71 a barrel at 2:31 p.m. Singapore time. It rose as much as 0.5 percent to $62.35 a barrel

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The yen and the dollar strengthened against the euro after CIT Group Inc. said it probably will not receive a federal bailout, spurring speculation the U.S. commercial lender will file for bankruptcy.

The Japanese and U.S. currencies both advanced against at least 13 of their 16 major counterparts after a U.S. report showed foreclosure filings increased to a record, boosting demand for safer assets. The New Zealand dollar fell the most in a week after Fitch Ratings cut the outlook for the nation's long-term credit rating. The Dollar Index climbed from near a five-week low after charts showed its 1.4 percent decline in the past month was excessive.

The yen advanced to 132.28 per euro as of 7:46 a.m. in London from 132.95 in New York yesterday, when it weakened to 133.40, the lowest level since July 7. The dollar rose to $1.4077 per euro from $1.4107. Japan's currency climbed to 93.96 per dollar from 94.23.

New Zealand's dollar declined 1.1 percent to 64.16 U.S. cents, the biggest drop since July 7, and slipped 1.3 percent to 60.32 yen. Australia's currency weakened 0.5 percent to 79.88 cents and fell 0.7 percent to 75.13 yen.

Gold fell for the first day this week in London as the dollar climbed, eroding demand for precious metals as alternative investments. Gold for immediate delivery dropped as much as $3.85, or 0.4 percent, to $935.35 an ounce and was at $936.88 at 8:45 a.m. local time. Prices gained 2.9 percent over the previous three days. Bullion for August delivery slipped 0.3 percent to $936.60 an ounce on the New York Mercantile Exchange's Comex unit.

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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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