Early trade in New York: yen rises from multi-year lows

The yen rose from recent multi-year lows against the dollar and euro on Monday as renewed worries about the global economy spurred traders to sell riskier investments funded by the cheap Japanese currency. Commodities-linked currencies such as the Australian and New Zealand dollars declined more than 1 percent against the US currency, as gold prices plunged below $1,400 an ounce, dragging commodity prices lower across the board.
The dollar fell 0.2 percent to 98.19 yen, having dropped as low as 97.57 yen on Reuters data in Asian trade. It has retreated from a four-year high of 99.94 yen on Thursday, and hefty resistance is expected at 100 yen. The euro fell 0.4 percent to 128.48 yen, its lowest in a week and down for a second straight day. Last week, the euro touched 131.11 yen, its strongest since January 2010.