Yen weakens against dollar for the third consecutive day

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Yen weakens against dollar for the third consecutive day

The yen weakened for a third day yesterday, approaching 100 per dollar, as optimism that the U.S. economic recovery is gathering pace reduced demand for the Japanese currency as a haven.

The yen declined against 14 of its 16 major peers as a report on Friday showed the U.S. jobless rate unexpectedly fell to a four-year low. Australia’s currency weakened after a report today showed retail sales shrank. The Malaysian ringgit rose to the highest in one and a half years against the dollar after Prime Minister Najib Razak’s coalition was re-elected. Sweden’s krona slid as a report showed the slump in the nation’s services eased less than economists predicted.

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