Yen Near One-Month High on Speculation Global Growth Will Slow

(Bloomberg) - The Japanese yen traded near the strongest in more than a month against the dollar as concern the global economy will slow prompted investors to cut bets on assets funded by loans in the currency.

The yen climbed against 12 of the 16 most-actively traded currencies before reports that may show U.S. unemployment increased, bolstering speculation the world's biggest economy is losing momentum. Reports yesterday showed growth in Europe's manufacturing industry slowed in December and Singapore's economy unexpectedly shrank last quarter.

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Gold holds steady on weaker dollar, Tokyo dips

(Reuters) - Gold was mostly steady on Monday as the dollar fell to a record low against the euro and a six-week low against the yen, while Tokyo gold futures gave up earlier gains and fell.

The dollar was hurt by continuing worries about the U.S. subprime mortgage sector and some unwinding of yen carry trades, which involves the selling of low-yielding currencies, such as the yen, to invest in higher-yielding currencies and assets.


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