The dollar slid versus most of its 16 major peers as Asian stocks advanced amid speculation officials from the world’s leading economies will collaborate on a response to Europe’s crisis, damping demand for haven assets.
The Dollar Index fell after Federal Reserve Bank of Chicago President Charles Evans said recent U.S. economic data warrant “extremely strong accommodation.” The euro extended a three- day gain versus the yen after Japan’s Finance Minister Jun Azumi said he urged European leaders to do more to address investors’ concerns about the region’s finances. Australia’s dollar climbed after the nation’s economy grew more than forecast.
“Higher stocks are likely to lead to some selling in the safe-haven currencies such as the dollar,” said Daisaku Ueno, a senior foreign-exchange and fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo., a unit of Japan’s biggest-listed bank. “The markets have been excessively risk averse.”
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