Yen slumps to deep troughs vs. euro, dollar

Yen slumps to deep troughs vs. euro, dollar

Published: Friday, 29 Nov 2013 | 7:46 AM ET

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Shibuya district, Tokyo

The euro rose to a five-year peak against the yen and a one-month high against the dollar on Friday before euro zone preliminary inflation data that could give an additional boost.

Solid German inflation figures on Thursday prompted speculation that euro zone numbers may come in above the 0.8 percent forecast by economists. That would ease European Central Bank concerns about deflationary pressures in the bloc.

The German figures followed firmer euro zone sentiment data, while traders continued to sell the low-yielding yen on expectations of loose monetary policy in Japan.

Against the yen, the euro rose to 139.705 yen, surging past its 2009 peak of 139.26 yen, though it was expected to face chart resistance at the psychological 140 yen level. It pared some of its gains to last trade up 0.1 percent above 139 yen.

The euro was last up 0.1 percent at $ 1.36, having hit a one-month high of $ 1.3622. The currency was up nearly 22 percent on the year against the yen. The dollar hit a six-month high against the yen of 102.61 yen. It was last up 0.1 percent above 102 yen.

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The euro rose to a five-year peak against the yen and a one-month high against the dollar on Friday, before euro zone inflation data.

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