Euro Advances Toward Three-Month High as Risk Appetite Sours
- Single currency gains with yen as oil and stocks founder
- Fed's Yellen gives semi-annual testimony to Congress this week
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The euro approached a three-month high and the yen pared earlier declines as lower stock markets and crude oil prices hurt appetite for riskier assets, boosting demand for currencies used to fund those investments.
The 19-nation shared currency, which tends to appreciate at times of market turmoil, erased earlier losses against the dollar. It extended last week’s advance, which was its biggest gain in about 11 months.