Yen Advances Against Major Counterparts Monday Morning, Tuesday, June 26, 2007 7:01:49 AM
The yen advanced against each of its major counterparts Tuesday morning in New York. The Japanese currency moved to near two-week highs versus the euro and greenback. Investors mulled data showing that the corporate service price index rose 1.4% from the previous year.The yen advanced to its highest mark in nearly two weeks against the greenback Tuesday morning in New York. The Japanese currency gained ground through much of the early-to-mid morning, reaching an intraday high of 122.80 at 5:20 am ET. The yen pulled back from some of its gains soon after, fetching a mark of 122.94 against its American counterpart at 6:47 am. This is compared to an intraday low of 123.49 at 1 am. Greenback traders looked ahead to Tuesday`s release of new home sales in May.
Against the euro, the yen moved ahead to a nearly two-week high Tuesday morning in New York. The Japanese currency advanced through most of the early-to-mid morning to hit an intraday high of 165.11. The yen pulled back from some of those gains after that to trade at a mark of 165.45 at 6:52 am against its European counterpart. Traders considered data showing that French housing starts in May fell 4.7% during the three months to May.
The yen ticked higher against the sterling Tuesday morning in New York. The Japanese currency gained ground through most of the early and mid-morning, reaching an intraday high of 245.22 at 5:20 am ET. The yen pulled back from some of its gains, fetching a mark of 245.74 against its British counterpart at 6:55 am. This is compared to an intraday low of 246.83 at 12:50 am. Sterling investors looked ahead to Thursday`s release of nationwide housing prices for June.
The Japan Corporate service price index rose 1.4% from the previous year for the tenth consecutive month, a report from Bank of Japan showed Tuesday. Last month, the index climbed a revised 1.0% from a year ago. The CSPI stood at 94.2 points in May, up 0.1% from the prior month, when it remained unchanged over March.
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posted by Kalin Tasev @ 5:31 AM
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