Forex trading - dollar still stengthening against Euro Jan 21

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The yen fell after a report from China showed economic growth accelerated to the fastest pace since 2007, damping demand for Japan's currency as a haven. The yen dropped the most against the Australian dollar among the 16 major currencies on speculation Japan's central bank will keep interest rates close to zero as the economy struggles to gain momentum. The yen slipped to 83.44 per Australian dollar as of 7:57 a.m. in London from 83.04 in New York yesterday. It depreciated to 128.95 per euro from 128.68, and was at 91.52 per dollar from 91.24.

The euro was near the weakest in five months against the dollar after the cost to protect Greek bonds from default reached a record. The euro traded at $1.4088 versus the dollar from $1.4106 yesterday, after earlier dropping to $1.4068, the lowest since Aug. 18. Gold declined for a second day in London, falling to the lowest in more than two weeks, as a stronger dollar curbed demand for the metal as an alternative investment. Gold for immediate delivery fell $5.10, or 0.5 percent, to $1,105.95 an ounce at 9:43 a.m. local time, the lowest since Jan. 4. The metal dropped 2.4 percent yesterday. Bullion for February delivery was 0.7 percent lower at $1,105.30 on the New York Mercantile Exchange's Comex division.

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