The yen advanced for a third day against the dollar as signs that growth is slowing in China’s economy, the second-biggest in the world, boosted demand for haven assets.
A surge in interest rates and the worst currency rout since 2008 in developing nations from Russia to Brazil are inflating corporate borrowing costs as $1.5 trillion of obligations come due by the end of 2015.
Bank of Canada Governor Stephen Poloz is giving investors the green light to push the nation’s currency, the worst-performing major exchange rate over one- and six-month periods, even lower.
The yen extended monthly gains against emerging-market currencies as growing volatility amid a selloff spurs investors to reverse carry trades while seeking haven assets.
The dollar fell for the first time in five days, ending its longest rally in two months, after a report showed services unexpectedly declined in December.
Weakness in the dollar will help push the euro as high as $1.40, according to Alan Ruskin , an analyst at Deutsche Bank AG.
Deutsche Bank AG, the world’s biggest currency trader, hired Alan Ruskin from Royal Bank of Scotland Group Plc as global head of Group-of-10 foreign-exchange strategy in New York.
America’s shale boom is providing an unintended benefit to U.S. government bonds.
The yen will probably stay weaker than 100 per dollar after falling beyond the key technical level yesterday for the first time in four years, Deutsche Bank AG’s Alan Ruskin said.
The yen rallied for a second day against the dollar as stronger-than-forecast U.S. economic data spurred speculation the Federal Reserve will reduce stimulus that has driven up stocks globally.
"By far the most exciting news of the day is from Ukraine."
- Alan Ruskin on Apr 15, 2014
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