Bloomberg News

Euro Weakens Versus Yen, Dollar as Wen Says Don’t Rely on China

September 14, 2011

Sept. 14 (Bloomberg) -- The euro weakened versus the yen for a fifth day and fell against the dollar on concern China won’t buy assets to support Europe’s highly indebted economies amid mounting concern of a default by Greece.

The Japanese currency rose against all 16 major peers, and the dollar gained versus all but one, as U.S. stock futures declined. China’s Premier Wen Jiabao signaled developed nations should cut deficits and create jobs rather than relying on his country to bail out the world economy.

“Looking at the news flow overnight it’s hard to find anything there that you would cite as being a positive for the euro zone,” said Simon Derrick, chief currency strategist at Bank of New York Mellon in London. “My overall view is that pressure will be very much to the downside for the euro.”

The euro bought 104.93 yen at 9:30 a.m. in London, from 105.25 yesterday. The shared currency was at $1.3636, from $1,3678 and the dollar was little changed at 76.90 yen, from 76.96.

--With assistance from Candice Zachariahs in Sydney. Editors: Mark McCord, Matthew Brown

To contact the reporters on this story: Lucy Meakin in London at lmeakin1@bloomberg.net; Kristine Aquino in Singapore at kaquino1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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