The yen rose to a seven-month high versus the US dollar as Japan’s new government reiterated its opposition to intervening to stem a currency’s gain and the US Federal Reserve pledged to keep interest rates low.
Sterling dropped to a three-month low below US$1.60 this week after Bank of England Governor Mervyn King was quoted by a newspaper as saying the pound’s weakness is aiding in rebalancing the UK’s economy.
The greenback reached a one-year low versus euro on increased demand for riskier assets before a report next week forecast to show US job losses slowed.
“The yen is getting a benefit from the fact that there is no political intervention, and that it’s not the whipping boy,” said Boris Schlossberg, director of currency research in New York at the online currency trader GFT Forex.
Japan’s yen advanced 1.8 percent this week to ¥89.64 per dollar, from ¥91.29 last Friday. It touched ¥89.51 on Friday, the strongest level since Feb. 5. The currency gained 2 percent to ¥131.70 per euro, from ¥134.33 The dollar rose 0.2 percent to US$1.4689 per euro, from US$1.4712, after touching US$1.4844 on Wednesday, the weakest level since Sept. 22, 2008.
Sterling slid 2.1 percent versus the dollar this week after the Newcastle Journal reported on on Wednesday that King called the currency’s drop “very helpful.”
The pound fell on Friday to US$1.5918, the lowest level since June 8, and depreciated to £0.9119 per euro, the weakest level since April 1.
The yen advanced against all its major counterparts except the South Korean won as Japan’s Finance Minister Hirohisa Fujii said at the G20 meeting in Pittsburgh, Pennsylvania, on Thursday that he has been questioning the idea of “easy intervention.”
Japan’s currency rose 3.6 percent to ¥142.90 versus the pound this week.
South Korea’s won gained this week as increasing confidence the economy is recovering from a recession helped lure funds from overseas.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-traded currencies excluding the yen, was near the highest level in 11 months after the Asian Development Bank raised its economic growth forecasts for this year and next. The Thai baht and Indonesian rupiah fell on Friday on speculation leaders from the G20 nations would tighten controls on global banks, curbing demand for assets in developing markets.
The won rose 1.8 percent this week to 1,186.00 per dollar in Seoul, according to data compiled by Bloomberg.
The Philippine peso appreciated 0.7 percent to 47.320, according to Tullett Prebon PLC. The Indian rupee gained 0.2 percent to 47.995 in Mumbai.
Korea’s won had a fifth weekly gain, its longest winning streak since April, and the peso climbed for a fourth week, its best run this year. Consumer sentiment in Korea stayed at a seven-year high this month, according to a report published by the nation’s central bank on Friday.
Malaysia’s ringgit declined 0.2 percent to 3.4711 per dollar on Friday, according to data compiled by Bloomberg. For the week it was up 0.3 percent.
The New Taiwan dollar rose 0.5 percent this week to NT$32.458.
Elsewhere, the Singapore dollar slid 0.1 percent to S$1.4160 versus the greenback this week. The baht rose 0.4 percent to 33.60 and the yuan closed at 6.8282 in Shanghai, from 6.8279 last Friday.
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