Friday, June 29, 2007

Yen Strengthens Against Major Counterparts Friday Morning, Friday, June 29, 2007 6:51:44 AM

The yen gained ground against each of its major counterparts Friday morning in New York. Traders mulled data showing that Japan May housing starts fell, while construction orders surged.

The yen edged higher versus the greenback Friday morning in New York. At 6:30 am ET, the Japanese currency traded at a mark of 123.32 against its American counterpart. Greenback traders continued to digest Thursday`s decision by the Federal Reserve to leave interest rates unchanged.

The yen gained steadily versus the euro Friday morning in New York. Just after 6:30 am ET, the Japanese currency reached an intraday high of 166.52 against the European currency. Traders considered data showing that German retail sales slumped in the month of May.

The yen moved higher against the pound Friday morning in New York. The Japanese currency gained in the early morning before largely leveling off after 2 am ET. Just after 6:30 am, the yen traded at a mark of 247.26 against its British counterpart. Investors mulled data showing U.K. consumer confidence fell in June.

Japanese housing starts declined 10.7% annually in May, the Ministry of Land, Infrastructure and Transport indicated Friday. This compares to 3.6% fall in April. Annualized housing starts totaled 1.155 million units. Construction orders with the 50 big constructors surged 48.3% to 1.047 trillion yen. In April, construction orders improved 1.8%.
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