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- American focus: dollar and the yen gained, euro declined
American focus: dollar and the yen gained, euro declined
The dollar and yen advanced versus most of their major counterparts after JPMorgan Chase & Co. reported a decline in profit and China’s export growth slowed, weakening stocks and spurring demand for a refuge.
The euro slid from the highest level in almost five weeks against the yen after the European Central Bank said the involvement of private-sector banks in bailouts would risk financial stability. The euro pared its drop versus the dollar after Slovakia approved Europe’s enhanced bailout fund, completing ratification across the currency region.
The yen rallied after yesterday’s 0.8 percent slide against the dollar as investors pared bets the Bank of Japan will introduce additional measures to weaken the currency.Japan’s currency tends to appreciate during economic and financial turmoil because the nation’s current-account surplus makes the nation less reliant on foreign capital.
The dollar benefits as the world’s main reserve currency. The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback versus the currencies of six major trading partners, rose 0.4 percent to 77.316.
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