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.
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PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to
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