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The euro rose for a fourth day against the yen as European Central Bank president Mario Draghi said policy makers were “ready to act” after leaving their benchmark rate at a record low. The ECB’s Draghi told a press conference in Frankfurt that officials will extend their offerings of unlimited cash to banks until the start of 2013 for periods up to three months as they endeavor to counter risks stemming from the region’s debt crisis.
The 17-nation euro strengthened to almost a one-week high against the dollar amid speculation the world’s leading economies will collaborate on a response to Europe’s debt crisis.
The dollar and yen fell against most of their major counterparts amid reduced demand for safer assets.
Australia’s dollar rose as the nation’s economic growth exceeded forecasts and investors sought higher-yielding currencies. The Australian economy expanded 1.3 percent in the first three months of this year from the fourth quarter, the Bureau of Statistics said. That’s the fastest pace since the period ended June last year.
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