BLBG:Euro Weakens Below 100 Yen for First Time Since 2001, Declines Sixth Day
The euro extended its decline against the yen, falling to its lowest level in 11 years.
The 17-nation common currency dropped 0.6 percent to 100.03 yen at 10:52 a.m. London time, after weakening to 99.97 yen, the least since December 19, 2000.
The 17-nation currency fell for a sixth day against the yen, its longest losing streak in a year, before a report next week that economists said will confirm European manufacturing shrank for a fifth month. The Australian and New Zealand dollars rose as stocks gained before reports forecast to show the U.S. economy is recovering. China’s yuan climbed to a 17-year high.
“The euro is weaker as the focus is very much on Europe,” said Peter Rosenstreich, chief currency analyst at Swissquote Bank SA in Geneva. “The backdrop is still the euro-zone debt crisis and concerns about growth. The dark clouds are getting darker. We’re seeing a death by a thousand cuts.”
To contact the reporter on this story: Keith Jenkins in London at kjenkins3@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
