Yen Drops Versus Most Major Peers as U.S Retail Sales Increase

The yen weakened against most of its major counterparts.

Oct. 15 (Bloomberg) -- The yen weakened against most of its major counterparts as a report showed U.S. retail sales rose more than forecast in September, reducing demand for safety.

Japan’s currency fell for a third day versus the dollar and euro. The Mexican and Swedish currencies climbed versus their major peers, while the euro touched a one-week high against the yen after German Finance Minister Wolfgang Schaeuble said a Greek sovereign default “will not happen.” South Africa’s rand slid for a second day versus the dollar after Standard & Poor’s cut the country’s credit rating Oct. 12.

“The euro recovered this morning by filling the gap and retracing the losses earlier,” Dan Dorrow, head of research in Stamford, Connecticut, at Faros Trading LLC, said in a telephone interview. “The idea that they’re not going to let the Greek situation fail and disrupt the market has been a consensus among policy makers for a while.”

European Union leaders will meet in Brussels on Oct. 18-19.

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