Euro weakens with yen as haven demand wanes

London - The euro weakened alongside the yen as investors turned away from haven currencies before a US payrolls report that may help determine when the Federal Reserve increases interest rates.

The 19-member currency headed for a third weekly decline versus the dollar, its longest losing streak since March, as stocks around the world gained.

The euro and yen were the best- performing currencies against the greenback last quarter as investors sought safety amid a rout in and stock and commodity markets. The median forecast of economists surveyed by Bloomberg showed employers added 201 000 jobs in September.

“We’ve tentative improvement in risk sentiment,” said Lee Hardman, a currency strategist at Bank of Tokyo-Mitsubishi UFJ in London.

“The euro and yen have been trading as safe havens in this recent period of risk aversion and obviously the fact that we’re seeing some easing of those conditions is resulting in euro and yen strength reversing. The payrolls report is not going to significantly change market expectations for tightening."

The euro weakened 0.3% to $1.1164 at 10:07, headed for a 0.3% decline since September 25. It was little changed at ¥134.05. The Japanese currency fell 0.1% to ¥120.07/$.

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