Thursday, May 31, 2007

Yen Down A Bit To Euro And Sterling After Data Shows Decline In Housing Starts, Thursday, May 31, 2007 7:43:14 AM

The yen eased a bit to the euro and sterling Thursday morning in New York after data released overnight showed Japanese housing starts declined 3.6% year-over-year in April.

The yen inched lower against the sterling Thursday morning in New York, slipping to 240.55 from an overnight level around 240. Trading took place amid the release of data showing that UK consumer credit growth slowed in April.

The yen declined slightly against the euro Thursday morning in New York after seeing a bit of strength the previous evening. The yen traded at 163.50 as of 7:30 am ET, with market players considering data showing that Euro Zone economic sentiment improved in May.

The yen remained uncertain against the dollar Thursday morning in New York, moving in a range between 121.50 and 121.70. Economic data is likely to be in focus on Thursday, with the Commerce Department scheduled to release its preliminary report on first quarter GDP. Reports on weekly jobless claims, construction spending, and Chicago-area manufacturing activity are also due to be released.
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