The US dollar gained the most against the euro in six months on concern the global recovery may stall as economic stimulus winds down, reducing demand for higher-yielding assets funded by the greenback.
The pound touched the strongest level against the euro this week since September after gains in consumer confidence and mortgage approvals added to signs an economic recovery is taking hold in the UK. The advance in the dollar before next’s week Federal Reserve announcement pared a fourth consecutive monthly loss, part of the longest losing streak since 2004.
The US dollar advanced 2 percent to US$1.4719 per euro on Friday, from US$1.5008 on Oct. 23. It was the biggest gain since a 2.3 percent rise in the five days ended April 10.
The dollar rallied from a 14-month low of US$1.5063 against the euro on Monday.
The euro decreased 4.2 percent to ¥132.61, from ¥138.15, in the biggest drop since May. The US dollar fell 2.1 percent to ¥90.09, from ¥89.64. It touched a level lower than ¥90 on Friday for the first time since Oct. 15.
Sterling rallied 2.8 percent to £0.8944 per euro as reports showed UK mortgage approvals climbed in September to the highest level in 18 months and consumer confidence rose.
The pound touched £0.8912 against the euro on Thursday, the strongest level since Sept. 17. Britain’s currency gained 0.9 percent to US$1.6452.
Asian currencies declined for a second week, led by the Indonesian rupiah and Indian rupee, as unexpected slides in US home sales and consumer confidence fueled concern about the speed of a global economic recovery.
The rupiah dropped 1.6 percent this week to 9,585 per dollar, India’s rupee fell 1.0 percent to 46.9729 and the Malaysian ringgit slid 0.9 percent to 3.4138. All three were still up for the month.
The Korean won ended the week 0.1 percent lower at 1,182.05 in Seoul. The currency, which has strengthened 9 percent in the past six months, reached a five-week low of 1,205.75 per dollar on Thursday.
The New Taiwan dollar declined 0.4 percent this week to NT$32.535 against the US currency.
Elsewhere, the Philippine peso fell 1.3 percent this week to 47.595. The Singapore dollar dropped 0.3 percent to S$1.3978, while the Thai baht was little changed at 33.43.
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