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MM:Euro falls to 3-week low vs. dollar, yen on risk aversion
 
TOKYO (Kyodo) -- The euro fell to a three-week low against the U.S. dollar and the Japanese yen on Monday morning as Friday's dismal U.S. jobs data and worries over the eurozone sovereign debt crisis prompted investor flight from riskier assets.

At noon, the euro was quoted at $1.4168-4170 and 108.75-80 yen against $1.4200-4210 and 109.07-17 yen in New York and $1.4232-4234 and 109.32-36 yen in Tokyo at 5 p.m. Friday.

The dollar changed hands at 76.73-76 yen, compared with 76.77-87 yen in New York and 76.81-83 yen in Tokyo late Friday afternoon.

The U.S. employment report showing that the economy added no jobs in August heightened worries that the world's biggest economy may be heading back into recession, dealers said.

The worse-than-expected jobs data and the uncertainty over eurozone countries such as Greece "added to moves to avoid risky assets," said a senior dealer at a major Japanese bank. "There is a strong sense among investors to want to get hold of dollars."

The dollar moved little against the yen despite the dismal U.S. jobs data, amid wariness about possible market intervention by Japanese authorities to stem the yen's rise.

Trading was relatively limited during the morning session in Tokyo, partly because U.S. markets are closed Monday for a national holiday, dealers said, adding that eyes are on U.S. President Barack Obama's speech on jobs and stimulus measures and another by U.S. Federal Reserve Chairman Ben Bernanke, both on Thursday.

"I want to wait and see what the next U.S. move is," one of the dealers said.

Source