The yen fell against all of its 16 major peers as investors sought riskier assets and concern mounted that inflation will fall short of the Bank of Japan’s 2 percent goal, spurring more monetary easing.
U.S. stocks fell, with the Standard & Poor’s 500 Index extending declines in the final hour of trading, amid data showed manufacturing unexpectedly climbed last month and reports on holiday retail sales.
The fading notion that the largest U.S. finance companies are too big to fail led Moody’s Investors Service to cut ratings on $5.5 billion of bank-backed debt used to buy natural gas. Investors see the bonds as too cheap to pass up.
On Jan. 1, Latvia will adopt the euro, and its lats currency will be no more. Farewell to the bearded Krisjanis Barons, the collector of folk songs who graces the 100-latu note. The Baltic nation is shucking a piece of its heritage because its leaders predict joining Europe’s common currency zone will lead to more trade and prosperity.
The euro climbed for the first time in three days versus the dollar as European stocks rose. Emerging-market currencies weakened and gold fell on the outlook for Federal Reserve stimulus and as a typhoon wreaked damage in the Philippines. U.S. shares rose to trade near a record.
The pound fell to a two-month low against the dollar after a government report showed U.K. inflation slowed more in October than economists forecast, damping bets the central bank will raise interest rates.