The yen rose against the dollar, snapping a decline from yesterday, after Japan’s trade deficit narrowed more than economists forecast and as markets await Haruhiko Kuroda’s first press briefing as central bank governor.
The dollar weakened to the lowest level since November 2011 versus the euro as European economic confidence increased and amid speculation the Federal Reserve will restate its commitment to monetary stimulus.
The euro declined versus the dollar for the first time in three weeks as signs of slowing global economic growth added to concern Europe’s sovereign-debt crisis is worsening, damping appetite for riskier assets.
The pound rose for a second week against the euro as reports signalled the country’s economic recovery is gathering pace while the 16 economies that share the single currency falter amid the sovereign debt crisis.
The euro weakened against its most- traded counterparts as a drop in German industrial production, lower U.K. growth forecasts and ratings cuts for Spain and Italy raised concern Europe’s sovereign-debt crisis is worsening.