The yen briefly gained versus major peers after the New York Times reported Obama had rejected a Republican proposal for a short debt-ceiling increase. Japan’s haven currency pared the advance as statements from the White House and Republican leaders indicated no decision had been reached. Australia’s dollar was headed for back-to-back weekly gains against the greenback after the yield premium its two-year debt offers over the U.S. climbed to its highest since April. “An agreement on the debt ceiling is seen as a risk-on catalyst, while the opposite is risk off -- it’s as simple as that,” said Daisaku Ueno, the chief currency strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “It’s convenient to use dollar-yen to take part in this kind of swing trade.”
The dollar traded at 98.20 yen as of 8:44 a.m. Tokyo time, following a three-day, 1.5 percent advance to 98.16 yesterday. It earlier fell by as much as 0.2 percent. The greenback weakened 0.1 percent to $1.3529 per euro. Europe’s common currency gained 0.1 percent to 132.87 yen.
House Speaker John Boehner and other party leaders met with the president for more than an hour at the White House to discuss delaying the lapse in U.S. borrowing authority to Nov. 22 without attaching policy conditions.
Both sides described the talks as constructive. Obama told the Republicans that he wanted to end the shutdown and raise the debt limit, said Representative Hal Rogers, a Kentucky Republican. The White House said in a statement that “no specific determination was made” after the meeting.
The dollar has climbed 0.6 percent in the past week, the biggest gain after the Aussie among 10 developed-nation currencies tracked by Bloomberg Correlation Weighted Indexes. The Australian currency rose 0.8 percent while the euro strengthened 0.3 percent and the yen weakened 0.3 percent.
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