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he yen rose against the dollar and the euro as signs the economic recovery is slowing boosted demand for the currency as a refuge.
The Dollar Index rose for the first time in three days after earlier touching the lowest level in a month on speculation the Federal Reserve may keep trying to support economic growth. Global stocks declined.
The MSCI World Index of stocks fell 0.4 percent, and the Standard & Poor’s 500 Index declined 0.5 percent.
With the European Central Bank forecast to raise interest rates further, the shared currency also may have more room to gain, according to CIBC’s Stretch.
Producer prices in the euro region rose 6.7 percent in April from a year earlier, after a revised 6.8 percent increase in March, the European Union’s statistics office in Luxembourg said today. The March producer-price inflation rate was the highest since September 2008, the month Lehman Brothers Holdings Inc. filed for bankruptcy.
At 1945GMT Fed Chairman Ben Bernanke is due to deliver a speech to the International Monetary Conference in Atlanta.
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