The
dollar weakened for a second day against the yen, following a five-day
advance, amid speculation its recent climb was too rapid.
The
U.S. currency is headed for gains against all of its 16 major
counterparts this year for the first time since 2000 as the Federal
Reserve moves to raise interest rates next year for the first time since
2006. Australia™s dollar traded within a cent of its post-float low to
its New Zealand peer.
The
dollar declined 0.2 percent to 120.32 yen at 9:48 a.m. in Tokyo from
yesterday, when it fell 0.2 percent. It reached 120.83 yen on Dec. 23,
the highest since Dec. 9, and gained 3.7 percent during the five-day
advance.
The
U.S. currency was little changed at $1.2192 per euro after weakening
0.2 percent yesterday. The yen gained 0.1 percent to 146.82 per euro.
The
Bloomberg Dollar Spot Index, which tracks the currency against 10 major
peers, has risen 11 percent this year, set for the biggest annual gain
in data starting in December 2004.
The
gauge was little changed at 1,1130.64 after falling 0.3 percent
yesterday, a day after its 14-day relative-strength index reached 71,
above the 70 level some traders see as a signal an asset may have risen
too far, too fast.
Australia™s
dollar traded at NZ$1.0488 after reaching NZ$1.0477 on Dec. 23. That
was the lowest level since December 2005, when it recorded the
post-float low of NZ$1.0432.
Source : Bloomberg
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