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The yen advanced versus all of its major counterparts as Asian stock declined amid concern disagreement on debt-crisis solutions will curb European growth, supporting demand for haven assets. Japan’s currency touched its strongest in more than a week against the euro before a report that may show business confidence in Germany held near the lowest in more than two years. The Ifo institute’s business climate index, a gauge of confidence among German executives, was probably at 102.5 this month, according to the median estimate of economists in a Bloomberg News survey. The index fell to 102.3 in August, the lowest since March 2010. The Munich-based institute will release the data today.
German Chancellor Angela Merkel and French President Francois Hollande clashed over the weekend on a timetable to introduce joint oversight of the euro area’s banking sector.
Australia’s dollar slid versus its peers on speculation growth in China, its biggest trading partner, is weakening.
EUR/USD: during the Asian session the pair fell.
GBP/USD: during the Asian session the pair fell to $1.6200.
USD/JPY: during the Asian session, the pair traded in the range of Y78.00-15.
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