June 16 (Bloomberg) -- The yen traded near the lowest level in more than a week against the euro amid increasing signs the global economy is gathering momentum.
Japan’s currency fell versus all 16 major counterparts before a report today that may show U.S. industrial production expanded in May by the most in four months and after Japanese demand for services rose for the first time in three months. The Australian and New Zealand dollars traded near the strongest levels since mid-May after a global rally in stocks and falling volatility boosted demand for higher-yielding assets.
“The U.S. economy is outperforming,” said Adam Carr, a senior economist in Sydney at ICAP Australia Ltd., a unit of the world’s largest interdealer broker. “You’ve got to be short yen,” he said, referring to bets the currency will weaken..................
