By Lukanyo Mnyanda and Daniel Kruger Dec. 9 (Bloomberg) -- The dollar fell against most of its major counterparts as an increase in U.S. stock-index futures and commodities encouraged demand for higher-yielding assets. “Stock futures are up, and risk is seemingly back on again,” said Jeremy Stretch, a senior currency strategist in London at Rabobank International. The dollar declined 0.3 percent to $1.4748 per euro at 8:46 a.m. in New York, from $1.4704 yesterday. It earlier reached $1.4668, the strongest level since Nov. 3. The yen appreciated 0.3 percent to 129.71 per euro, from 130.03. Japan’s currency advanced 0.6 percent to 87.95 per dollar, from 88.43. The greenback rose against most of the other major currencies yesterday as Fitch Ratings cut Greece’s credit rating, discouraging risk demand. New Zealand’s currency climbed 0.7 percent to 71.18 U.S. cents and Norway’s krone advanced 0.5 percent to 5.7596 per dollar today on speculation investors will increase carry trades, in which they buy higher-yielding assets with amounts borrowed in nations with low interest rates. The benchmark of zero to 0.25 percent in the U.S. makes its currency popular for funding such transactions. Standard & Poor’s 500 Index futures expiring this month increased 0.4 percent. Crude oil for January delivery rose 1.1 percent to $73.43 a barrel. Gold for immediate delivery gained 1.2 percent to $1,142.42 an ounce. Britain’s Chancellor of the Exchequer Alistair Darling said the economy will recover from its longest recession on record next year as the government’s stimulus measures take hold. Outlook for Pound The pound’s drop below its 50-day moving average against the dollar may signal it’s poised to extend declines in coming weeks, according to Lloyds Banking Group Plc. Sterling broke below the threshold of $1.6410 two days ago and remains below that level today. The last time it slid below the average, on Sept. 17, it dropped to $1.5708 within the next three weeks. “There are worrying parallels with late September, when a move through the then 50-day moving average of $1.6249 triggered a clearout and squeezed the cross,” Kenneth Broux, a market economist at Lloyds, wrote in an e-mailed report today. The pound was little changed at $1.6294 today. Fitch Ratings cut Greece’s credit rating yesterday one step to BBB+, the third-lowest investment grade. S&P put Greece’s A- rating on watch for a possible downgrade on Dec. 7. The European Commission is ready to help Greece confront its budget deficit, European Union Economic and Monetary Affairs Commissioner Joaquin Almunia said in a statement yesterday. He didn’t say what form any assistance may take. Japan’s gross domestic product rose at an annual 1.3 percent pace last quarter, the Cabinet Office said today in Tokyo. That’s slower than the 4.8 percent rate reported in preliminary figures last month and the 2.8 percent median estimate of economists surveyed by Bloomberg. Prime Minister Yukio Hatoyama unveiled a 7.2 trillion-yen ($81 billion) package to revive the economy yesterday. The Bank of Japan last week announced a 10 trillion-yen credit program. To contact the reporters on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net; Daniel Kruger in New York at dkruger1@bloomberg.net

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