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Euro Falls on Signs Europe's Recovery Is Slowing; Kiwi, Won Drop
Aug. 31 (Bloomberg) -- The euro fell for a second day against the yen as economists forecast unemployment in the region remained last month at its highest level since February, adding to signs that Europe’s economic recovery is faltering.
The 17-nation currency maintained losses versus the dollar on speculation the European Central Bank will cut borrowing costs to support growth. The yen extended this month’s advances against most major peers before a report forecast to show U.S. employers added fewer jobs this month. New Zealand’s dollar headed for its biggest monthly drop versus the yen since August 2010 as the country’s business confidence worsened.
“There are expectations in the market for European rate cuts to bolster the economy instead of a rate increase that hurts the economy,” said Toshiya Yamauchi, a senior currency analyst in Tokyo at Ueda Harlow Ltd., which provides foreign- exchange margin-trading services. “A rate cut is a negative for the euro.”
The euro traded at $1.4437 at 1:01 p.m. in Tokyo from $1.4441 yesterday in New York. It was at 110.58 yen from 110.82. The shared currency advanced 0.3 percent against the greenback and rose 0.1 percent versus Japan’s currency this month. The yen traded at 76.60 per dollar from 76.74, headed for a third monthly gain.
