Yen Advances to 2010 High Versus Dollar on Concern Global Recovery Slowing @ Forex Factory

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Yen Advances to 2010 High Versus Dollar on Concern Global Recovery Slowing

The yen rose to its strongest level this year against the dollar and gained for a third day versus the euro as signs the global recovery is losing momentum boosted demand for a refuge. Japan’s currency advanced against all of its major counterparts after Federal Reserve Bank of St. Louis President James Bullard said yesterday the U.S. is moving closer to Japanese-style deflation. The euro pared the biggest monthly gain versus the dollar since May 2009 as the currency failed to break through resistance, triggering month-end selling by investors, according to Danske Bank A/S and Societe Generale SA. “We are moving into a more risk-averse environment globally,” said Simon Derrick,... Full Story

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