Yen Extends Rally Versus Emerging-Market Currencies; Euro Falls
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The yen extended monthly gains against emerging-market currencies as growing volatility amid a selloff spurs investors to reverse carry trades while seeking haven assets.
The euro fell to its lowest level versus the dollar since Nov. 22 as a report showed U.S. consumer spending climbed more than forecast in December, diverging from European inflation data as the region’s monetary policy makers meet next week. The currencies of Chile and Hungary dropped against the greenback, extending an emerging-markets rout that began Jan. 23.