Dollar higher as yen wanes

The dollar rose against major rivals on Monday, while the yen weakened on news of a record current account deficit in Japan, the world's second biggest economy after the United States.
The European single currency fell to 1.2626 dollars in London trade, from 1.2652 dollars late in New York on Friday.

Against the Japanese currency, the dollar rose to 98.70 yen from 98.27 yen on Friday.
Traders were reluctant to drive the US currency down far against its major rivals given deep worries about the health of the euro zone and Japanese economies, market-watchers said.
"With the global economic outlook remaining rather bleak, it's going to be that fight for the safer havens that will continue to dominate market direction in the near term and so long as there's nothing better out there then the dollar may end up holding its ground," said CMC Markets analyst James Hughes.

The yen meanwhile declined on news that Japan posted a current account deficit of 172.8 billion yen (1.8 billion dollars) in January -- the largest since comparable records began in January 1985.
The data means "it's difficult for the yen to strengthen further," Koji Fukaya, senior currency analyst at Deutsche Securities, told Dow Jones Newswires.
Historically, Japan has run a large surplus in its current account thanks to brisk foreign demand.
But the global crisis has prompted consumers to tighten their purse-strings in the United States and Europe, prompting Japanese companies such as Toyota and Sony to launch a wave of job cuts.

The yen, once seen as a safe haven in the global financial crisis, has lost some of its allure in the eyes of investors because of the rapid deterioration of the Japanese economy.
"Fundamentally, we believe that sustained yen strength is over for now," Standard Chartered analysts wrote in a note.
Elsewhere on Monday, the European Bank for Reconstruction and Development (EBRD) urged the European Union to ease euro entry rules so as to help crisis-hit eastern European countries.
"The European Commission should send a clear signal of solidarity to eastern European countries," EBRD head Thomas Mirow told the German business newspaper Handelsblatt in an interview published Monday.
The euro was changing hands at 1.2626 dollars against a level of 1.2652 dollars reached late on Friday, at 124.45 yen (124.35), 0.9033 pounds (0.8986) and 1.4619 Swiss francs (1.4654).
The dollar stood at 98.70 yen (98.27) and 1.1593 Swiss francs (1.1579).
The pound was at 1.3958 dollars (1.4076).
On the London Bullion Market, the price of gold rose to 938.10 dollars an ounce from 936 dollars an ounce on Friday.


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