USD/JPY
Yen Slips Versus Other Majors [USD/JPY]
Wednesday, April 02, 2008 2:47:04 PM - The Japanese yen saw weakness against the other major currencies on Wednesday in New York. Traders considered data showing the monetary base in Japan was virtually unchanged in the month of March, the Bank of Japan said today, standing at 88.38 trillion yen.
The currency fell to its lowest level in a little more than a month on Wednesday. The yen dropped to 160.40 by the mid-afternoon against its European counterpart, continuing a slump that began on Tuesday. Euro zone producer prices rose 0.6% month-on-month in February, the Eurostat said Wednesday. Producer prices climbed at a faster pace of 0.9% in January.
The yen continued to fall against the U.S. dollar and reached its lowest level in about three weeks. The currency moved at 102.43 in the mid-afternoon, a little off its daily lows. In his prepared remarks to a Congressional committee Wednesday morning, U.S. Fed chief Ben Bernanke said that the nation`s economy could contract slightly in the first half of 2008, but that he expects the economy to return to trend growth by 2009.
The Japanese currency also dropped against the British pound, touching its lowest mark in more than 2 1/2 weeks. The currencies traded at 203.63 in the mid-morning. UK M4 money supply grew 0.2% on a monthly basis in February, revised down from 0.3% initially estimated, a final report from the Bank of England showed Wednesday.
Tags: USD/JPY
You can comment below, or link to this permanent URL from your own site.
