Yen Weakens Against Other Majors, Wednesday, June 20, 2007 12:56:06 PM
The Japanese yen saw more weakness against the other majors on Wednesday in New York. The currency added to its multi-year low against the sterling and also fell against the dollar and euro. Trading took place following the release of data showing that Japan`s All Activity Index increased more-than-expected during April.The yen fell against the U.S. dollar on Wednesday in New York. The yen gained in the early morning, but then began to fall a little before 4 a.m. ET. It dropped to 123.67 by 11:15 a.m. ET. In general, the yen remains near a 4 Ѕ-year low against its U.S. counterpart. Trading took place amid positive comments on the global economy from Treasury Secretary Henry Paulson on the International Financial System.
The yen added to its multi-year low versus the British pound on Wednesday in New York. The Japanese currency fell sharply at around 4 a.m. ET and continued to decline in the late morning. The yen traded at as low as 246.51 at 11:45 a.m. ET. The yen first reached a 15-year low against the pound last week. Traders considered data showing that UK gross lending grew 12% on a monthly basis in May. Also, minutes revealed the Bank of England`s nine-member strong Monetary Policy Committee stood divided while deciding to hold the key interest rate earlier in the month.
The yen fell against the euro on Wednesday in New York and remained near a record low. The Japanese currency fell in the early-morning hours before finding support at 166.00. The pair remained near that mark for the next several hours. Trading took place after the release of data that showed the euro area seasonally adjusted construction output grew at an annual rate of 3.9% in April.
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posted by Kalin Tasev @ 11:24 AM
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