April 19 (Bloomberg) - the yen rose against the euro and the dollar for a fourth day in concerns aggravation of the debt crisis in Europe and after Standard & Poor changed prospects of credit on the United States negative.
The Japan currency climbed against its major peers all prior reports of the forecasts show manufacturing in the euro area and Philadelphia region grew at a slower pace in April. Australian and New Zealand dollars fell with losses in basis and products stocks undermined demand for higher yielding assets. "" It really summarizes for how long the market can remain fearful on Europe and the United States, "said Adam Carr, a senior economist in Sydney to ICAP Australia Ltd., a unit of brokers broker more of the world. "Risk aversion generally implies a repatriation of funds into yen."The yen advanced to 117.30 for one euro as of 11 pm 29 Tokyo 117.66 yesterday, when he reached 116.48, the highest level since March 30. The yen passed to 82.55 against the dollar of 82.66 yesterday, when it was 82.19, the highest since March 29. The dollar climbed to $1.4202 per euro of $1.4235 U.S. & P yesterday to put the Government of the United States on the opinion that it would lose its AAA rating, unless decision makers to agree on a plan in 2013 to reduce budget deficits and national debt."Based in New York S & P S & P report" If an agreement is not reached and put useful implementation begins not at this time, that in our view would make the U.S. tax profile usefully lower than that of the sovereigns of peers "aaa""," said yesterday in a report that has kept its high rating on long-term U.S. debt while lowering the prospects of "negative" for the first time.Insurance costs of the debt of the Greek Government spent a record, with contracts indicating that investors see more than a 60 percent chance the default nation within five years. "The problems of the euro will be outweighed the question of the dollar,"said Kurt Magnus, Executive Director of sales of foreign exchange at Nomura Holdings Inc. in Sydney. "European problems are more short term." I am bearish on the euro.Europe's shared currency declined 1.7 percent week last in a measure of the currencies of 10 developed nations, according to Bloomberg Correlation-Weighted currency index. The yen has gained 1.7 per cent, while the dollar is 0.3 per cent.The Korea of the South won fell the most against the greenback between Asian currencies today, losing 0.5% to 1, 093.65.Manufacturing DataThe, purchase of index of managers for the manufacture of the euro area has fallen to 57.0 in April of 57.5 in March, according to the median estimate of economists in a Bloomberg News survey before the data due today. Readings above 50 indicate expansion.The Federal Reserve Bank of Philadelphia general economic index fell to 36.4 this month of 43.4 in March, another Bloomberg survey before the data due April 21. Readings above zero signal expansion.Generally, the yen strengthens in political, financial and economic turmoil. Trade surplus makes the attractive currency overseas because it means that the nation does not have to rely on lenders. The benefits of the dollar as the world main reserve currency.The yen erased briefly gains against the dollar and the euro in Japanese importers of speculation sold the currency of their country. The currency had climbed to 82 per dollar, a level reached after the Group of seven nations jointly intervened in the foreign exchange market last month.Japanese importers "Importers were no doubt pleased to see the yen to rise to this level," said Takashi Kudo, Senior Manager of the support center of foreign exchange division in Tokyo at NTT SmartTrade Inc., a unit of the Japan largest phone company. "Merchants are paying attention to 82 yen" because of the G-7 intervention, he said.The yen weakened to the 81.99 per dollar when the intervention takes place on March 18, a summit after 76.25 war the previous day.Australian and New Zealand dollars has decreased the MSCI Asia Pacific Index of regional actions fell by 1.4%. The Thomson Reuters/index CRB goods and raw materials dropped 0.9% yesterday. "" Everywhere, including Europe and the United States are not good financially, ", said OSEO Iizuka, head of foreign currency trade in Tokyo to Sumitomo Trust & Banking co., a unit of the Group of the third Bank of Japan. "Risk aversion may cause the sale of foreign currency at high performance."Australian dollar is spent $1.0509 to $1.0466 and sank from 0.5% to 86.41 yen. New Zealand dollar fell 0.7% to 78.53 cents and slipped by 0.8 percent Yen 64.84.-With the help of Ron Harui at Singapore. Publisher: Rocky Swift
To contact the reporters on this story: Yoshiaki Nohara in Tokyo at the ynohara1@bloomberg.net. Candice Zachariahs Sydney to czachariahs2@bloomberg.net.
To contact the editor responsible for this story: Rocky Swift to the rswift5@bloomberg.net
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