The
yen rose, adding to its best monthly gain in a year, as
weaker-than-expected data for China and the U.S. underscored concerns
that the world economy is stumbling.
Japan™s
currency, often regarded by investors as a haven amid market turmoil,
advanced for a second day against the dollar after a report Friday
showed the U.S. economy expanded at a slower pace than forecast in the
fourth quarter. Australia™s dollar traded 0.6 percent from a 5 1/2-year
low as traders bet the Reserve Bank will cut interest rates on Tuesday
after a gauge of China™s manufacturing sector unexpectedly signaled
contraction. The New Zealand dollar held a three-day decline.
The
yen gained 0.3 percent to 117.20 per dollar as of 8:33 a.m. in Tokyo
from Jan. 30, when it added 0.7 percent. It rose 0.2 percent to 132.44
against the euro. The single currency advanced 0.1 percent to $1.1301.
The
Aussie strengthened 0.1 percent to 77.72 U.S. cents. It reached 77.20
cents on Jan. 29, the weakest since July 2009. The New Zealand dollar
was at 72.58 U.S. cents from 72.61.
China™s
official purchasing managers™ index slid into contraction territory for
the first time in more than two years, data over the weekend showed.
That
followed a U.S. report Friday that showed gross domestic product rose
an annualized 2.6 percent in the fourth quarter, trailing the 3 percent
growth estimated by economists and falling from 5 percent in the three
months ended September.
Source: Bloomberg
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