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Thursday, April 10, 2014

Yen Rises to Three-Week High on China Exports

The yen gained to the strongest in three weeks against the dollar as an unexpected decline in Chinese exports revived demand for safer assets after the Federal Reserve damped bets of raising interest rates.

The dollar rose from a five-month low against a basket of peers as the smallest number of Americans since before the last recession filed applications for unemployment benefits last week. Sweden’s krona slumped after a government report showed consumer prices dropped twice as much as economists predicted. The Australian dollar increased on jobs gains.

The yen advanced 0.4 percent to 101.57 per dollar as of 10:55 a.m. in New York after appreciating to 101.42, the strongest level since March 19. Japan’s currency gained 0.2 percent to 140.99 per euro. The dollar fell 0.2 percent to $1.3880 after sliding to $1.3883, the weakest since March 19.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, fell 0.1 percent to 1,004.94. It earlier slid to 1,004.08, the lowest level since Oct. 30.

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