The US dollar weakened to US$1.50 per euro for the first time in 14 months as more evidence of a recovery in the global economy from recession increased demand for higher-yielding assets.
The dollar fell 0.7 percent in the past week to US$1.5008 per euro, from US$1.4905 last Friday. The US currency touched US$1.50 on Wednesday for the first time since August last year.
The yen declined 1.3 percent to ¥92.06 versus the dollar, from ¥90.89, in its biggest decline since August. Japan’s currency depreciated 2 percent to ¥138.15 per euro, compared with ¥135.48 a week earlier.
The pound fell 1 percent this week to £0.9202 per euro after the UK’s economy unexpectedly contracted, fueling speculation that the Bank of England will increase its £175 billion (US$286 billion) program to buy bonds.
Asian currencies fell in the past week, with the South Korean won and the Philippine peso both sliding the most in more than four months, on speculation policy makers will limit currency gains to support exports.
The won was at 1,181.25 per dollar on Friday, 1.5 percent lower than last Friday. The currency rose in each of the previous eight weeks and reached 1,155.05 on Oct. 15, the strongest level in a year. The peso declined 0.8 percent this week to 46.995 and Indonesia’s rupiah slid 0.4 percent to 9,435, paring this year’s advance to 16 percent.
The yuan has dropped 8.6 percent from a record high on March 9 against the currencies of major trading partners including the euro and the Japanese yen, a Westpac Banking Corp index shows. It has weakened 16 percent versus the rupiah and 14 percent against the won during the past six months.
The New Taiwan dollar fell 0.3 percent in the past week to NT$32.398 versus the greenback.
Elsewhere, India’s rupee declined 0.5 percent in the week to 46.52 against the US dollar. Thailand’s baht and the Chinese yuan were little changed at 33.43 and 6.8286.
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