FRX: Yen Is at Seven-Week High on Recovery Concern; Franc at Record Versus Euro
The yen reached its strongest level in eight years against the euro as signs the economic recovery is slowing boosted demand for Japan’s currency as a refuge. The yen also climbed to a seven-week high against the dollar before a report forecast to show worsening sentiment in the U.S. Concern that the European Central Bank will increase rates at a tender for three-month loans tomorrow, restricting financial company profits, undermined demand for the single currency. The Swiss franc reached a record high against the euro on speculation the nation’s central bank will refrain from intervening in exchange markets amid signs deflation is easing. Full Story
