Dollar, Yen Fall as Higher-Risk Assets Gain on Europe Optimism
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The dollar and yen weakened versus most major counterparts as bets that European leaders are closer to stemming the region’s debt crisis increased appetite for higher-risk assets.
The euro pared its advance as the cost of funding in U.S. dollars increased to almost a three-year high. The currency climbed earlier by the most in two weeks versus the greenback after German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline. New Zealand’s dollar strengthened after Prime Minister John Key was re-elected with his party’s biggest majority in 60 years.