Simon Derrick News
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The euro fell against 12 of its 16 most-traded peers as a report showed unemployment in the currency bloc climbed to a record in February, adding to concern the economy will struggle to emerge from recession.
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The pound dropped to its weakest level in more than 2 1/2 years versus the dollar amid speculation the Bank of England will announce more stimulus to boost the economy, a policy that typically debases a currency.
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China’s interest-rate increases and U.S. Treasury Secretary Timothy F. Geithner ’s commitment to a strong dollar suggest the nations may have reached a currency accord, Bank of New York Mellon Corp. said.
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The pound rose to a two-week high against the euro as European leaders clashed on banking plans and a report showed German business confidence declined, boosting demand for the relative safety of the U.K. currency.
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The race for cheaper currencies may have only just begun as nations from Japan to Brazil seek a competitive edge in international trade.
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The pound rose for the first time in four days against the euro amid speculation an agreement among European finance ministers to ease the terms of emergency aid for Greece will fail to stem the region’s debt crisis.
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The pound rose for the first time in four days against the dollar after a government report showed the economy shrank less than previously estimated in the second quarter, adding to optimism the recession is easing.
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The euro rose for a second day against the dollar and the yen as German growth slowed less than economists forecast and France unexpectedly avoided a contraction.
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The euro fell against the yen to the weakest level in more than 11 years as investors sought the relative safety of the Japanese currency and pushed German bond yields to record lows amid a deepening of Europe’s debt crisis.
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Group of Seven governments are boosting their currency reserves as strategists at UBS AG and Bank of New York Mellon Corp. detect the potential for more intervention to quell exchange-rate swings in coming years.
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