The yen and the Swiss franc slid versus their major counterparts, with Japan’s currency dropping against the euro for the first time in six days, as gains in stocks and commodities damped demand for safer assets.
U.S. hedge funds Pine River Capital Management LP, Millennium Management LLC and SAC Capital Advisors LLC are taking advantage of the struggle of European startup funds to grab their pick of the region’s traders.
The Swiss franc fell against all of its 16 most-traded peers after the central bank unexpectedly cut interest rates to weaken the currency as it strengthened to records and threatened the nation’s economic recovery.
The dollar fell against most its major counterparts as Federal Reserve Chairman Ben S. Bernanke said the central bank should maintain record monetary stimulus to boost a “frustratingly slow” economic recovery.
The euro snapped four days of gains against the dollar after the European Central Bank’s plan to buy government bonds was said to be held up until a German court rules on Europe’s permanent bailout fund.