Yen Drops Against Major Counterparts as Gains in Shares Curb Refuge Demand
The yen fell against 15 of its 16 major counterparts, reaching the lowest level in a week against the dollar, as a Chinese manufacturing index rose in line with forecasts and Asian stocks rallied for a sixth day, damping demand for safer assets. The yen snapped a two-day decline versus the euro after a government report showed today Japanese investors last week made their largest net purchase of overseas stocks in almost a year. The Swiss franc failed to extend yesterday’s 1.8 percent advance against the dollar on prospects investors will seek higher- yielding assets. Australia’s currency trimmed earlier declines versus the greenback after July retail sales rose more than economists forecast. China’s Purchasing Managers’ Index for manufacturing rose to 50.9 in August, from July’s 29-month low of 50.7, the China Federation of Logistics and Purchasing said in a statement today.
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