Yen Rises as Carry Trades Are Pared; Dollar Gains Against Euro

The yen rose to a two-week high against the euro as faltering global growth and falling stocks prompted traders to pare holdings of higher-yielding assets funded in Japan.

The Japanese currency advanced the most versus the Australian and New Zealand dollars, favorites of so-called carry trades, on speculation the nations' central banks will cut interest rates. The dollar strengthened against the euro after a report showed German retail sales slumped, undermining the case for the European Central Bank to raise borrowing costs.

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- Posted: 2008-08-01 09:18:52

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