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09.09.2011 17:37

American focus: The euro fell

The euro fell to a six-month low versus the dollar and the yen rallied as Germany prepared plans to shore up the nation’s banks with credit-default swaps showing a more than 90 percent probability that Greece won’t meet its debt commitments.

The yen strengthened against the dollar and the euro, erasing earlier losses, as investors sought the Japanese currency as an alternative to the U.S. currency, even as Greek officials said no announcements were planned. 
The Dollar Index headed for the biggest weekly gain since May 2010 after President Barack Obama detailed his $447 billion plan to boost hiring.
Demand for the yen was tempered before finance ministers from the Group of Seven nations meet today in Marseille, France, to discuss ways to bolster their economies. Japanese Finance Minister Jun Azumi said before departing from Tokyo that he would appeal to the group to appreciate his concern about excessive yen gains.
Japan has intervened in the currency markets three times in the past 12 months to weaken the yen, with the last operation being a 4.51 trillion-yen action in August, the largest monthly amount since March 2004. The yen went on to reach 75.95 per dollar on Aug. 19, a postwar record.

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