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By Ron Harui
June 28 ((*buy my crap*)) -- The yen fell for the first time in seven days against the euro after Group of 20
leaders endorsed targets to reduce deficits once their economic recoveries are cemented, spurring demand for riskier investments.
Japan’s currency weakened against 15 of its 16 major counterparts after the G-20 said advanced economies will aim to at least halve deficits by 2013 and stabilize
debt-to-output ratios by 2016. The dollar fell to the lowest level in almost eight weeks against Switzerland’s franc before U.S. reports this week that economists
said will show consumer confidence weakened and manufacturing growth slowed this month.
“The G-20 statement has Europe’s desire for deficit cuts and the U.S.’s for maintenance of economic stimulus, which satisfies both of them,” said Tsutomu Soma, a
bond and currency dealer at Okasan Securities Co. Ltd. in Tokyo. “There’s some talk of investors looking to sell the yen.”
The yen declined to 110.66 per euro at 10:15 a.m. in Tokyo from 110.41 in New York on June 25. The yen was at 89.31 per dollar from 89.23 last week, when it rose to
89.22, the strongest since May 21. The euro bought $1.2392 from $1.2369. The dollar slipped to 1.0903 francs from 1.0929, after weakening to 1.0897, the lowest since
May 4.
South Korea’s won advanced as the MSCI Asia Pacific excluding Japan Index of shares climbed 0.7 percent. The won strengthened 1.4 percent to 1,197.99 per dollar.
G-20 Meeting
The G-20 also said in a statement released as leaders ended their meeting in Toronto yesterday that banks needed to raise capital “significantly” and countries will
be allowed to phase in new rules, with a goal of meeting new standards by the end of 2012 (*buy my crap*)cheap coach bags
“Honestly, this is more than I expected, because it is quite specific,” German Chancellor Angela Merkel said, referring to the fiscal targets. “It’s a success that
industrialized countries as a group accepted this.”
U.S. President Barack Obama said the goal set by the G-20 of cutting deficits in half by 2013 reflects U.S. targets and takes into account the fiscal and economic
needs of each nation.
The euro rose for a fourth day against the dollar as traders judged this quarter’s 8.3 percent slide was overdone.
“We’ve clearly had a big move down as far as the euro- dollar exchange rate is concerned,” said Ray Attrill, global research director in Sydney at Forecast Ltd., in
a Bloomberg Television interview. “There’s almost like a will in the marketplace to see some stabilization here, so I wouldn’t be surprised if the euro-dollar
exchange rate behaves in a relatively benign way in the next month or two (*buy my crap*)coach handbags.”
June 28 ((*buy my crap*)) -- The yen fell for the first time in seven days against the euro after Group of 20
leaders endorsed targets to reduce deficits once their economic recoveries are cemented, spurring demand for riskier investments.
Japan’s currency weakened against 15 of its 16 major counterparts after the G-20 said advanced economies will aim to at least halve deficits by 2013 and stabilize
debt-to-output ratios by 2016. The dollar fell to the lowest level in almost eight weeks against Switzerland’s franc before U.S. reports this week that economists
said will show consumer confidence weakened and manufacturing growth slowed this month.
“The G-20 statement has Europe’s desire for deficit cuts and the U.S.’s for maintenance of economic stimulus, which satisfies both of them,” said Tsutomu Soma, a
bond and currency dealer at Okasan Securities Co. Ltd. in Tokyo. “There’s some talk of investors looking to sell the yen.”
The yen declined to 110.66 per euro at 10:15 a.m. in Tokyo from 110.41 in New York on June 25. The yen was at 89.31 per dollar from 89.23 last week, when it rose to
89.22, the strongest since May 21. The euro bought $1.2392 from $1.2369. The dollar slipped to 1.0903 francs from 1.0929, after weakening to 1.0897, the lowest since
May 4.
South Korea’s won advanced as the MSCI Asia Pacific excluding Japan Index of shares climbed 0.7 percent. The won strengthened 1.4 percent to 1,197.99 per dollar.
G-20 Meeting
The G-20 also said in a statement released as leaders ended their meeting in Toronto yesterday that banks needed to raise capital “significantly” and countries will
be allowed to phase in new rules, with a goal of meeting new standards by the end of 2012 (*buy my crap*)cheap coach bags
“Honestly, this is more than I expected, because it is quite specific,” German Chancellor Angela Merkel said, referring to the fiscal targets. “It’s a success that
industrialized countries as a group accepted this.”
U.S. President Barack Obama said the goal set by the G-20 of cutting deficits in half by 2013 reflects U.S. targets and takes into account the fiscal and economic
needs of each nation.
The euro rose for a fourth day against the dollar as traders judged this quarter’s 8.3 percent slide was overdone.
“We’ve clearly had a big move down as far as the euro- dollar exchange rate is concerned,” said Ray Attrill, global research director in Sydney at Forecast Ltd., in
a Bloomberg Television interview. “There’s almost like a will in the marketplace to see some stabilization here, so I wouldn’t be surprised if the euro-dollar
exchange rate behaves in a relatively benign way in the next month or two (*buy my crap*)coach handbags.”
