The euro weakened from a five-week high against the yen and declined versus the US dollar amid renewed speculation that some banks in the region may incur deeper losses spurred by the global financial crisis.
The 16-nation currency dropped from the highest versus the yen since Aug. 10 and snapped a four-day gain against the US dollar. The spread between Ireland’s government securities and benchmark debt elsewhere in Europe widened to records amid speculation banking losses may spur a need for external assistance.
The yen headed toward the sharpest weekly loss since mid-July against the US dollar after Japan’s sale on Wednesday to weaken its currency and bolster an export-led economic recovery.
The euro fell 0.3 percent to ¥111.84 as of 4:34pm in New York, after appreciating to as much as ¥112.98. The euro fell 0.3 percent to US$1.3041 after climbing to US$1.3159, the highest level since Aug. 11.
The yen was little changed at ¥85.77 per US dollar.
The Australian dollar was little changed at US$0.9369 and the New Zealand dollar gained 0.2 percent to US$0.7256.
The pound had its first weekly gain in six versus the US dollar as speculation the Fed may increase asset purchases to support the economy weakened the US currency and boosted assets perceived to be higher risk.
Sterling reached a one-month high versus the greenback as the FTSE-100 Index of British shares had its fourth weekly advance.
The pound rose 1.8 percent on the week to US$1.5635 as of 4:30pm in London on Friday, after reaching US$1.5729, its highest level since Aug. 11. Against the euro, it depreciated 1 percent.
LONG FLIGHT: The jets would be flown by US pilots, with Taiwanese copilots in the two-seat F-16D variant to help familiarize them with the aircraft, the source said The US is expected to fly 10 Lockheed Martin F-16C/D Block 70/72 jets to Taiwan over the coming months to fulfill a long-awaited order of 66 aircraft, a defense official said yesterday. Word that the first batch of the jets would be delivered soon was welcome news to Taiwan, which has become concerned about delays in the delivery of US arms amid rising military tensions with China. Speaking on condition of anonymity, the official said the initial tranche of the nation’s F-16s are rolling off assembly lines in the US and would be flown under their own power to Taiwan by way
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CROSS-STRAIT: The MAC said it barred the Chinese officials from attending an event, because they failed to provide guarantees that Taiwan would be treated with respect The Mainland Affairs Council (MAC) on Friday night defended its decision to bar Chinese officials and tourism representatives from attending a tourism event in Taipei next month, citing the unsafe conditions for Taiwanese in China. The Taipei International Summer Travel Expo, organized by the Taiwan Tourism Exchange Association, is to run from July 18 to 21. China’s Taiwan Affairs Office spokeswoman Zhu Fenglian (朱鳳蓮) on Friday said that representatives from China’s travel industry were excluded from the expo. The Democratic Progressive Party government is obstructing cross-strait tourism exchange in a vain attempt to ignore the mainstream support for peaceful development
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