Euro Near 3-Month Low on Bets ECB to Diverge From Fed
July 10, 2013 (Bloomberg) -- The yen gained against all of its 16 major peers as signs of recovery in the nation's economy damped prospects that the Bank of Japan will ease policy further this year.
Japan's currency advanced against the euro for a second day as the BOJ began a two-day meeting. The euro traded 0.2 percent from a three-month low before European Central Bank Executive-Board Member Joerg Asmussen speaks today. He said yesterday the central bank's policy will remain accommodative for an extended period, reiterating comments by President Mario Draghi. Fed Chairman Ben S. Bernanke is due to speak on economic policy as the Dollar Index held near a three-year high.
"Japan's seen a pretty big improvement in its competitiveness, given how far the yen has fallen on a trade-weighted basis, and that should translate into better export performance," said Jonathan Cavenagh, a Singapore-based currency strategist at Westpac Banking Corp. (WBC) "Those types of factors should ...keep reading.
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