The yen advanced to the strongest in three weeks versus the dollar with Asian stocks extended the longest weekly losing streak since February, boosting demand for Japan’s haven assets.
The yen and Swiss franc led gains among 10 major currencies in the past week as Federal Reserve officials said a global slowdown may help delay interest-rate increases by threatening U.S. growth. The Australian dollar dropped for a third day versus the yen before a report that economists said will show back-to-back declines in imports by China, the South Pacific nation’s biggest trading partner.
“Sentiment will be the big driver and, I think, we’ll get a carryover from the negative sentiment last week,” said Imre Speizer, a markets strategist at Westpac Banking Corp. in Auckland. “The yen should benefit from that.”
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