Yen Gains On Counterparts, Wednesday, April 18, 2007 12:14:11 PM
The Japanese yen gained on its major counterparts on Wednesday morning in New York. The yen had been struggling recently and had hit a record low against the euro and also fell against the dollar and sterling. On Wednesday, however, the Japanese currency strengthened for the second straight day.The yen continued its two-day rise against the euro, coming off a record low, during Wednesday morning trading. The Japanese currency reached its highest level since late last week with the strong morning. The yen saw its biggest gains at around 6 a.m. ET before leveling off at around 8 a.m. Trading was flat for the rest of the morning.
The yen held its gains against the sterling in late-morning trading after rising earlier in the day. Trading was level until a little after 7 a.m. ET when the yen advanced sharply. Trading was sideways from about 8 a.m. for the rest of the New York morning and the pair traded at 236.81 at 11:30 a.m.
The yen rose to a two-week high against the dollar on Wednesday after hitting a monthly low earlier in the week. The yen saw its daily low around 2:30 am Eastern Time, when it touched 118.90. The yen began to advanced soon after, however, and reached as high as 118.11 at 10 a.m. The pair was at 118.21 at noon ET.
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posted by Kalin Tasev @ 9:27 AM
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