Thursday, May 24, 2007

Yen Choppy Across The Board, Late New York Trading Wednesday, Thursday, May 24, 2007 12:17:26 AM

The yen saw choppy trading against its counterparts during late New York hours on Wednesday. The directionless trading by the Japanese currency took place after it gained briefly amid the merchandise trade balance data. Japan`s trade surplus widened in April on a yearly basis, according to the data released at 7:50 pm ET.

The yen moved from 121.65 to 121.44 against the US dollar amid the economic release during late New York trading on Wednesday. Thereafter, the pair rebounded, but saw choppy trading through late night deals. Lately, the dollar moved between 121.51 and 121.67 yen. Broadly speaking, the upward journey started by the pair in the first week of May has lifted it close to a 5-month high of 122.2.

The Japanese currency strengthened from 163.69 to 163.41 against the euro during late trading on Wednesday. The yen moved upwards amid economic release from Japan, but the gains were given back shortly thereafter. Of late, the pair has been seeing directionless trading. At 11:55 pm ET, the pair was quoted at 163.52. The pair has been testing resistance in long term, for the last few weeks.

The Japanese yen moved upwards against the British pound amid data release at 7:50 pm ET on Wednesday. The pair moved to 241.25 from 241.63 by about 8:20 pm, and then changed its direction. During later hours on the day, the pair saw choppy trading, and was worth 241.40 at 11:55 pm ET. This is a new multi-month high for the pound slightly lower than a multi-year high set on 23rd January 2007.

The yen drifted a few pips up against the Swiss franc during late New York trading on Wednesday, influenced by Japanese economic data, which was released at 7:50 pm ET. After hitting 98.93 at 8:20 pm, the yen gave back its gains, and saw directionless trading during late night hours. As of 11:55 pm ET, the pair was quoted at 98.99. Largely, for the last few weeks, the pair has been moving in a wide range, bouncing between 98.065 and 99.485.
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