Dollar, Yen Drop as Signs of Growth Sap Demand for Haven
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The dollar and yen weakened before a report that may show a U.S. manufacturing index rose for a fourth straight month and after a similar gauge in China showed an expansion, sapping demand for haven assets.
Higher-yielding currencies such as the Australian and New Zealand dollars rose after Japanese companies’ capital spending jumped by the most in almost five years in the fourth quarter, brightening the outlook for global growth. Demand for the euro was limited before European Union leaders meet in Brussels today to discuss the region’s debt crisis.