2014.02.2506:24:20UTC+00Euro clings biggest decline against UK pound

The euro clenched the largest fall in more than a week versus the pound on speculations the European Central Bank may accrue monetary stimulus next week.

The 18-nation currency stayed lower against the yen yesterday, before the ECB will released its inflation projection for 2016 on March 6. Norway’s krone and the Australian and New Zealand dollars topped monthly profits despite higher commodity prices.

The euro was slightly changed at 82.42 pence at 6:55 a.m. in London from yesterday, when it plunged 0.3%, the highest since February 14. The shared currency was at ¥140.80, previously ¥140.79, when it tumbled 0.1%. It bought $1.3743 from $1.3735 yesterday.

The greenback dropped 0.1% to ¥102.46 from the close in New York. For the month, it went up 0.4% against the Japanese currency and slid 1.9% against the euro.

ECB Executive Board Member Peter Praet denoted policy makers have tools ready to keep price stable. Praet, the central bank’s chief economist, said weakness in price development is stretching to the medium term.

Council Member Jens Weidmann, Germany’s Bundesbank's head, implied more openness to suspending sterilization of the ECB’s now-defunct bond-purchase Securities Markets Program, noting he wouldn’t wipe out such a move.

Meanwhile, euro-area consumer prices gained an annual 0.8% in January, the European Union’s statistics office noted yesterday. While that surpass the primary January 31 estimate of 0.7%, it was still below the ECB’s 2% goal. Commodity currencies are positioned for the largest profits among major counterparts in February. The krone has leaped 4.09%, while New Zealand’s dollar strengthened 3.08%. The Australian became stronger at 3.06% and Brazil’s real at 3.05%.

The S&P GSCI Index of commodity prices advanced 4.7% since January 31. The MSCI Asia Pacific Index of shares ascended 0.6% today, poised for a 2.4% increase this month.