Yen Holds Gains on Haven Demand as Asia Stocks Decline
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The yen held gains from yesterday versus most of its major counterparts as declines in Asian stocks and concern about Greece’s ability to complete a debt swap supported demand for the currency as a refuge.
Australia’s dollar touched a six-week low after a report showed the nation’s economy expanded by less than economists had forecast. The euro rallied against the dollar amid speculation options traders bought the 17-nation currency to prevent automatic trades from triggering after recent declines. South Korea’s won weakened for a third day as Citigroup Inc. said global funds pulling money from local stocks may trigger a further drop in the Asian currency.