Monday, June 25, 2007

Yen Sees Strength Versus Other Majors, Monday, June 25, 2007 6:55:58 PM

The Japanese yen gained on the other majors on Monday in New York amid choppy trading. The currency moved away from long-term lows against the dollar, euro and sterling seen last week. With no major economic news out of Japan on Monday morning, traders looked ahead to the release of corporate service prices for May, which is scheduled for Monday evening Eastern Time.

The yen advanced against the U.S. dollar on Monday in New York. The yen advanced sharply early, hitting as high as 123.31 at 6 a.m. ET. It fell starting at around 8 a.m. and was back at its overnight levels by morning`s end. The yen began to move higher again in the afternoon and surged up sharply beginning at around 2 p.m. ET. It cooled in the late afternoon and the pair traded at 123.59 at 6:45 p.m. ET.

The yen remained up against the euro Monday in New York, but slumped to lose a lot of its earlier gains. The Japanese currency gained sharply in the early morning and got as high as 165.93 at 6 a.m. ET. However, it declined for about three hours after that and then continued to trend even lower through the rest of the morning. The Japanese posted more gains in the early afternoon. The currencies traded at 166.45 at 6:45 p.m. ET.

The yen was up against the sterling on Monday in New York despite a mid-morning slip. The yen fell in the early hours before stabilizing at around 6 a.m. ET. The currency weakened at around 8 a.m. and gave back a little more than half of its prior gains. The yen rallied again in the afternoon until about 4 p.m. when it cooled again. The pair traded at 246.98 at 6:45 p.m. ET. In general, the yen is trading near a multi-year low against the pound.
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