Yen Weaker Against Major Counterparts, Wednesday, August 01, 2007 6:39:13 PM
The Japanese yen saw weakness against the other majors on Wednesday in New York. The yen moved away from a multi-month high against the euro, and also dropped against the sterling and greenback. Japanese currency investors considered data showing that new vehicle sales in the nation fell 9.7% year-over-year in July.The yen slipped slightly against the pound after giving up earlier gains. The Japanese currency rose overnight and into the morning until about 2 a.m. It moved lower starting at around 6 a.m. and declined for about two hours before leveling off. The pair was flat for the rest of the rest of the morning and into the early afternoon, but the yen added further losses in the late afternoon and into the early evening. The currencies were at 241.91 at 6:35 p.m. ET. Traders mulled data showing that U.K. consumer confidence saw little change in July, adding a point to reach 95.
The yen dropped against the euro Thursday in New York after earlier touching a 3 Ѕ month high earlier in the morning. The Japanese currency rose to 160.46 at 4:45 a.m. ET, its highest mark since mid-April. It edged lower from there, however, for about five hours. The yen rallied in the mid-day, but the slipped again in the late afternoon and traded at 162.92, near its daily low, at 6:30 p.m. ET. . Traders considered data showing the Euro zone Purchasing Manager`s Index for the manufacturing sector declined to 54.9 in July from 55.6 in June.
The yen slipped against the dollar on Wednesday morning in New York after giving up earlier gains. The Japanese yen advanced during the overnight levels until about 6 a.m. ET when it began to decline. The pair stabilized at around 8 a.m. for the rest of the morning and into the afternoon. The yen began to decline again at around 3 p.m. and added sharper losses at around 6 p.m. ET. The pair traded at 119.09 at 6:30 p.m. ET. Greenback traders mulled over better-than-expected pending home sales data and weaker-than-expected ISM manufacturing and employment data.
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posted by Kalin Tasev @ 7:53 PM
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