Bloomberg News

Euro Falls From 5-Week High Versus Yen Before Barroso Speaks

October 13, 2011

Oct. 13 (Bloomberg) -- The euro fell from a five-week high against the yen before European Commission President Jose Barroso speaks in Brussels after calling yesterday for a “coordinated approach” to recapitalizing the region’s banks.

The yen strengthened against 13 of its 16 major counterparts on speculation Japanese exporters bought the currency and data showed China’s export growth slowed in September, spurring concern the global economy is cooling. Australia’s dollar rose for a second day after a government report showed the jobless rate fell.

The euro weakened 0.3 percent to 106.22 yen at 7:56 a.m. London time, after rising to 107.05 yen yesterday, the highest since Sept. 9. The shared currency fell 0.1 percent to $1.3778. The dollar declined 0.2 percent to 77.09 yen, after appreciating to 77.49 yesterday, the strongest since Sept. 12.

China’s yuan fell 0.3 percent to 6.3777 per dollar after the customs bureau said exports climbed a less than forecast 17.1 percent from a year earlier and the trade surplus shrank.

The People’s Bank of China set its daily reference rate 0.2 percent lower at 6.3737, the biggest decline since November last year. The currency is allowed to fluctuate a maximum 0.5 percent on either side of the fixing.

--Editors: Nicholas Reynolds, Mark McCord

To contact the reporter on this story: Keith Jenkins in London at

To contact the editor responsible for this story: Daniel Tilles at

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