Japanese Currency Rallied Across The Board Amid Economic Data Late Wednesday In New York, Thursday, April 19, 2007 1:06:36 AM
Supported by a better-than-expected economic data, the Japanese yen rallied across the board late Wednesday in New York. The rally followed downward trends by the yen in the afternoon hours on the day. Around midnight, the yen-pairs have started showing uncertainty as the market approached the European session of Thursday.The tertiary industry activity index of Japan was released at 7:50 pm ET on Wednesday, which posted an unexpected move, by rising 0.1% month-over- month to 110.7 in February. This came when the analysts expected the index to fall by 0.4%.
The market is now looking forward to the German producer prices expected at 2:00 am ET on Thursday. While the monthly rise in the prices is expected to grow from 0.3% to 0.4% in March, its year-over-year growth is anticipated to ease 2.7%, compared to the 2.8% rise recorded in February.
The Japanese currency weakened against its US counterpart during the mid-day deals on Wednesday in New York. Gaining ground at 10:15 am ET, the pair climbed from 118.16 to 118.77 by about 3:50 pm. The Japanese yen started rebounding thereafter, and it continued higher amid the economic release at 7:50 pm ET. Around midnight, the pair moved below 118 and this resulted in a 1-Ѕ month high for the Japanese unit against its US counterpart. At 12:55 am ET on Thursday, the pair traded at 117.92.
The yen weakened against the euro through the afternoon deals on Wednesday in New York. At 5:00 pm ET, the pair traded at 161.57 before losing the ground. The yen continued higher amid the Japanese economic data, which came out at 7:50 pm Eastern Time. At 12:55 am ET Thursday, the euro was quoted at 160.28 against the yen. This is a 6-day high for the yen against the single currency. The market is now looking forward to the German producer prices expected at 2:00 am ET on Thursday
The yen started trading lower against the British currency at 11:45 am ET on Wednesday. Moving up from 236.89 the pair collected 238.49 at 5:00 pm ET. The Japanese currency strengthened against the pound thereafter, and continued lower amid the Japanese data at 7:50 pm ET. At 12:55 am ET on Thursday, the pair was quoted at 236.27, which was a 6-day low for the pair.
The Japanese currency gained ground against the Swiss Franc at 4:35 pm ET on Wednesday. This reversed a downward trend by the yen, which was started in the late morning. Coming off 98.665, the yen reversed its losses in the previous session completely by about 10:50 pm ET. After that, the pair picked up a few points and started showing uncertainty ahead of the European session of Thursday. As of 12:50 am ET, the franc fetched 98.085 yen.
Copyright © 2007 RTTNews.com. All Rights Reserved.
posted by Kalin Tasev @ 3:13 AM
0 Comments:
Post a Comment
<< Home