BLBG:Yen Weakens Versus Dollar and Euro on Greek Bailout, U.S. Economy Optimism
The yen weakened against the dollar and the euro as European finance ministers signed off on a second Greek bailout and before U.S. retail sales data that may add to signs of recovery in the world’s largest economy.
The dollar fell against most of its 16 major peers and stocks advanced as investors sought higher-yielding assets. The Dollar Index (DXY) was little changed as optimism that the U.S. growth gathered momentum tempered speculation that the Federal Reserve will signal additional monetary easing at a meeting today. The Bank of Japan (8301) kept its key interest rate and asset-purchase program unchanged.
The yen weakened 0.5 percent to 82.65 per dollar at 8:52 a.m. London time, after earlier strengthening as much as 0.3 percent. Japan’s currency was 0.4 percent lower at 108.62 per euro. The 17-nation currency traded little changed at $1.3137.
The Dollar Index, which Intercontinental Exchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners was at 79.93.
Retail sales in the U.S. increased 1.1 percent in February, the most in five months, according to the median estimate of 81 economists in a Bloomberg survey before Commerce Department figures due today. That would follow data on March 9 that showed nonfarm payrolls increased by 227,000 in February after rising by a revised 284,000 the prior month. The unemployment rate held at a three-year low of 8.3 percent.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
