Yen Gains as Traders Bet Recent Selling Overdone; Aussie Tumbles

The yen strengthened for the first time in four days versus the dollar as investors bet losses that brought it to within 0.6 percent of 100 against the U.S. currency were overdone.

The Australian dollar fell against all 16 of its major counterparts after the central bank cut interest rates to a record low. The dollar halted its longest streak in more than two weeks which has been sustained by better-than-expected U.S. payrolls data. The euro was little changed against the greenback before data forecast to show factory orders in Europe’s biggest economy declined in March. Sweden’s krona advanced on better-than-forecast industrial production data.