The yen fell against all major counterparts amid speculation policy makers will try to limit gains in the currency which reached a 14-year high against the dollar last week. The yen pared losses, the most in seven weeks in earlier trading, as the Bank of Japan refrained from cutting interest rates at an emergency policy meeting today. The yen fell 0.6 percent to 86.90 per dollar as of 7:20 a.m. in London from 86.41 in New York yesterday. The yen earlier weakened as much as 1.3 percent, the most since Oct. 15. It climbed to 84.83 on Nov. 27, the strongest level since July 1995. Japan’s currency declined 0.8 percent to 130.65 per euro from 129.64.
Australia’s dollar fell against the greenback after the central bank raised its benchmark rate and said a record third month of increases may curb inflation, fueling expectations policy makers will slow the pace of future advances.
The U.S. currency lost 1.9 percent in November in its fifth-straight monthly drop versus the euro, the longest losing streak since December 2004. The greenback was at $1.5034 per euro from $1.5005 yesterday.
Crude oil traded near $77 a barrel after rising yesterday as traders bought back futures contracts amid speculation credit losses in Dubai won’t derail the global economic recovery. Crude oil for January delivery was at $77.19 a barrel, down 9 cents, in electronic trading on the New York Mercantile Exchange at 3:23 p.m. Singapore time. Yesterday, the contract increased $1.23 to settle at $77.28 a barrel. Futures have gained 73 percent this year after losing 54 percent in 2008.
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