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American focus: dollar declined
The euro touched the lowest level against the yen since February as Spanish bond yields touched a 2012 high after a minister called on the European Central Bank to do more to stem debt-market turmoil. The euro slid against the yen after the cost of insuring Spain’s debt reached a record and Jaime Garcia-Legaz, the nation’s deputy economy minister, said in an interview on April 13 that the ECB should “step up purchases of bonds.”
The dollar rose earlier versus most major counterparts as data showed U.S. consumer purchases rose last month, damping speculation the Federal Reserve will add to monetary easing. Retail sales increased 0.8 percent, following a revised 1 percent advance in February, Commerce Department figures showed today in Washington.
China’s yuan tumbled against the dollar as the central bank doubled the daily trading band, reflecting declines in emerging- market currencies. Effective today the People’s Bank of China is allowing 1 percent moves from its daily fixing, after keeping the limit at 0.5 percent since May 2007.
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