FX: Yen Falls to 2-Week Low on Recovery Signs, Eased Greece Concern
The yen fell against the dollar and held near the lowest level in almost two weeks against the euro as signs of a stronger global recovery and speculation Greece won’t need a bailout lifted demand for higher-yielding assets. Japan’s currency declined against all of its 16 major counterparts and Treasuries dropped before reports today that economists said will show a rebound in U.S. manufacturing accelerated and U.K. jobless claims fell for a third month. The euro traded near a one-week high versus the dollar after Greek Finance Minister George Papaconstantinou said in Brussels yesterday “there’s no actual need for a bailout.” The South Korean won strengthened as stocks rallied. Full Story
