Dec. 18 (Bloomberg) -- The euro rose against the dollar, ending three days of losses, after Pakistan’s president denied a coup had taken place in the country, boosting demand for higher- yielding assets.
The euro also advanced before a German report that economists said will show business confidence increased to the highest level since July 2008. The yen gained versus the dollar on speculation Japanese exporters are bringing home earnings from abroad before the end of the year.
“We saw a typical case of rollercoaster-like moves revolving around developments in Pakistan,” said Kazutoshi Yasuda, general manager of the markets department in Tokyo at FX Prime Corp., a foreign-exchange unit of Japanese trading house Itochu Corp. “Sharp declines in trading volume before the Christmas holiday season amplified price fluctuations.”
The euro rose to $1.4380 as of 11:51 a.m. in Tokyo from $1.4338 in New York yesterday after earlier falling as low as $1.4306. The euro rebounded to 129.05 yen from 129 yen, after earlier dropping to 127.54 yen. The yen rose to 89.75 per dollar from 89.96.
To contact the reporters on this story: Yasuhiko Seki in Tokyo at yseki5@bloomberg.net; Yoshiaki Nohara in Tokyo at Ynohara1@bloomberg.net
Last Updated: December 17, 2009 22:00 EST
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