Yen Weakens With Dollar as Stocks Rally Before U.S. Growth Data
- Dollar declines as Fed's Dudley damps speculation on September
- Canada's loonie gains with Norway's krone as oil prices surge
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The yen weakened against all 16 of its major peers as Asian and European stocks followed gains in U.S. equities, damping demand for haven assets.
Currencies of commodity-exporting nations gained versus the dollar after Federal Reserve Bank of New York President William C. Dudley said Wednesday the case for raising interest rates in September is less compelling amid recent market turmoil. More than $8 trillion in market value has been erased from share markets worldwide since China’s central bank began devaluing the yuan on Aug. 11. Since then, Chinese officials have cut interest rates and intervened in the stock market to reduce volatility.