Friday, May 18, 2007

Yen In Three-month Low Against Dollar; Moved Slightly Higher Rest Of Majors, Late Trading On Thursday, Friday, May 18, 2007 1:05:08 AM

The Japanese currency saw uncertainty against the US dollar but made slight advances against the rest of majors during late trading on Thursday in New York. It was the Japanese tertiary industry activity index that was in focus during the session.

The tertiary industry activity index dropped 2.2% on month in March, the Ministry of Economy, Trade and Industry said. This was when economists expected a decline of 0.7%. Amid the release of the data, the Japanese currency didn`t react much against the counterparts, but moved upwards against the European majors, shortly.

However, the Japanese unit dropped some of its gains against the counterparts, before midnight. The market is now looking forward to the final March figures of the Japanese leading indicators data and departments store sales data for the month of April.

Strong US data and comments by Fed`s chief Ben Bernanke strengthened the dollar against the yen on Thursday, and the pair has been trading near 3-month high since late morning in New York. During late trading, the pair saw choppy trading and the dollar moved between 121.22 and 121.38 yen, largely. AS of now, the pair is slightly below the level of resistance around 121.66 tested on 22nd and 23rd February.

The Japanese yen showed strength against the euro during late trading on Thursday in New York. Losing ground at 9:00 pm ET, the pair moved to 163.50 from 163.79, by about 10:50 pm. the pair then edged higher and has been trading near 163.6, lately. Largely, the yen is approaching a long term level of support around 164.5 against the euro, which was earlier hit in October, 1998.

The Japanese currency saw uncertainty against the pound during late trading on Thursday in New York. The pair lost ground at 9:00 pm and moving from 239.67, it collected as low as 239.38 by about 10:50 pm, and thereafter, ticked up. As the early Friday deals began in New York. The Japanese currency moved up again, and the pair is lately trading near 239.44. Largely, the yen is now hovering very close to a 4-month low of around 241 against the sterling.

The yen gained ground at 9:00 pm ET on Thursday, and moving from 98.905, the currency strengthened to 98.75 against the Swiss franc. Thereafter, the Japanese unit ticked down briefly, but has been seeing uncertainty lately. At 12:50 am ET on Friday, the pair was quoted near 98.8. If the pair moved further lower, a possible level of support can be one near 98.38.
Copyright © 2007 RTTNews.com. All Rights Reserved.

0 Comments:

Post a Comment

<< Home