(Bloomberg) -- The yen headed for a week of gains against the euro on speculation investors are reducing holdings funded by borrowing in Japan after U.S. stocks fell the most in almost two months.
Japan's yen was set to break nine weeks of losses as investors pared so called carry trades after the S&P 500 yesterday had the steepest drop since March 13. The euro also slid as traders pared bets on rate rises beyond one expected in June, as European Central Bank President Jean-Claude Trichet gave no indication of policy direction after that time.
Read more at Bloomberg Currencies News
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