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Euro strengthens against yen


by Elaine Frei
August 30, 2006

The euro was stronger on Wednesday as it found yet another new high versus the Japanese yen. At midday in New York, the euro had added 0.4 percent to ¥150.17. Investors were selling the yen in favor of other, more lucrative investments. Among other negative news for the yen was it first declines in wages in Japan in six months.

The yen was also lower against other major currencies, falling 0.3 percent against the US dollar, sterling, and the Swiss franc. The Japanese currency was at ¥117.05 versus the greenback, while it stood at ¥223.10 against sterling and at ¥95.25 versus the Swiss franc.

Elsewhere in Asia, the Chinese renminbi was up again in relation to the US dollar, to its highest level since last year’s revaluation. The Chinese currency hit Rmb7.9565 to the dollar on reports that Bejing might widen the current trading band, which now allows the renminbi to rise or fall 0.3 percent per day.

Sterling strengthened against the greenback, to $1.9055, an increase of 0.4 percent, on a surprise increase in retail sales in the UK in August. Sales had been expected to drop after the World Cup, but cold weather during the month lured shoppers. The data was an indication that the Bank of England might raise interest rates once again in November.

Meanwhile, the New Zealand dollar added 0.8 percent versus the US dollar, to $0.6485.



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