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Yen spends day rising and falling

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by Brian Turner
European equities hits by by economic data

The yen spent most of the day alternatively rising and falling on Wednesday before settling in to a slightly lower level at mid-session in New York.

Its troubles stemmed from data on export growth that seemed to have that growth rising from 6.1 percent in March to 7.8 percent in April, but when adjusted on a seasonal basis it had actually decelerated from 2.7 percent to 1.1 percent.

The continuing Chinese reluctance to revalue its currency was also a factor.

The yen fell 0.3 percent in relation to the euro to ¥135.72, was also down 0.3 percent against sterling to ¥197.23, and fell 0.1 percent compared to the US dollar to ¥107.74.

Meanwhile, the dollar lost 0.2 percent to both sterling and the euro, standing at $1.8309 in relation to sterling and at $1.2600 against the euro. The euro stood at £0.6881 in relation to sterling.

In other currencies, the Norwegian krone was up 0.5 percent in relation to the euro to NKr8.0435, a 20-month high. The Canadian dollar lost 0.3 percent to the US dollar to stand at C$1.2638.

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News posted: May 25, 2005

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