Friday, May 25, 2007

Yen Weakens Broadly Friday Morning Amid Increasing Signs Of Interest Rate Hike, Friday, May 25, 2007 7:28:54 AM

The yen gave back gains from the previous session against its major counterparts Friday morning. Market players were influenced by data showing Japan`s core inflation fell at a slower pace in April, boosting expectations that the Bank of Japan will lift interest rates in coming months.

The yen lost ground against the euro Friday morning in New York, falling to 163.50 from 162.50 late Thursday evening. Traders considered data showing that German import prices grew 0.5%, beating expectations for zero growth.

The yen weakened against the greenback Friday morning in New York, falling to 121.70 after touching 120.85 Thursday night. Later on Friday, National Association of Realtors is due to release its report on April existing home sales. Economists expect existing home sales to come in roughly flat compared to the previous month.

The yen softened against the sterling Friday morning in New York, giving back gains from the previous session. The yen traded at 241.65 approaching mid-morning, as traders mulled over data showing the UK economy grew 0.7% sequentially in the first quarter.
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