The yen weakened for a third day against the euro and the dollar declined as signs the global economy is recovering boosted demand for higher-yielding assets. Japan’s currency slid against all 16 of its most-traded counterparts tracked by Bloomberg before reports forecast to show European retail sales fell at a slower pace and U.S. service industries expanded. The yen depreciated to 132.77 per euro as of 7:17 a.m. in London from 131.46 yesterday in New York, and 132.78 earlier, the weakest level since Nov. 24. Japan’s currency also fell to 87.87 per dollar from 87.38, after sliding to 87.92, the weakest level since Nov. 25. The yen rose to 84.83 to the dollar on Nov. 27, the highest since July 1995.
The euro rose on speculation the European Central Bank will announce plans to scale back emergency lending while keeping its main interest rate at a record low at a meeting today in Frankfurt. The euro rose to $1.5112 from $1.5044. Retail sales in the 16-nation euro region fell 2.4 percent in October from a year earlier after a 3.6 percent drop the previous month, according to a Bloomberg News survey of economists. The European Union statistics office releases its report at 11 a.m. Brussels time.
Gold fluctuated after rising to a record for a third day as investors sought protection against the prospect of currency debasement and inflation, spurring demand for the metal as an alternative asset. Spot gold rallied 0.9 percent to a record $1,226.56 an ounce before declining as much as 0.3 percent to $1,212.49. The metal traded up 0.3 percent at $1,218.78 at 2:35 p.m. in Singapore. Gold for February delivery in New York also climbed to an all-time high of $1,227.50, up 1.2 percent and last traded at $1,219.70.
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