Thursday, May 24, 2007

Yen Steadies Against Other Majors Thursday Morning, Thursday, May 24, 2007 7:52:17 AM

The yen firmed up against other major currencies Thursday in New York as traders considered data showing that the Japanese economy is expected to grow 2.3 percent in 2007.

The yen improved slightly against the sterling Thursday morning in New York, climbing to 241 after moving around 241.50 in overnight dealing. Trading took place amid the release of data showing that British business investment fell unexpectedly in the first quarter.

The yen continued to stabilize against the euro Thursday morning in New York, advancing to 162.90 after moving around 163.60 the previous evening. Investors mulled over data showing the German economy expanded 0.5% sequentially in the first quarter.

The yen advanced against its American counterpart Thursday morning in New York, moving up from 121.60 to 121.38 as of 7:45 am ET. Traders were nervously awaiting a slew of key economic data from the US, including reports on durable goods and new home sales.
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