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Wednesday 12th of August 2009
September 29, 2005

Yen helped by retail sales


by Brian Turner
Yen helped by retail sales

The Japanese yen was helped on Thursday by a new high on the Nikkei and strong retails sales figures in

August, although there have been indications that investors are getting a bit nervous due to the recent string of substantial gains in the equities markets.

The yen was up 0.2 percent to ¥135.83 versus the euro and it gained 0.3 percent to ¥113.05 in relation to the US dollar.

The euro was up fractionally to $1.2013 against the US dollar, but it had been up to as much as 1.2076 at one point in the day.

Gains in the euro had to do with hopes that the rival players in the September 18 elections in Germany could reach an agreement soon to share power and end the political uncertainty in that country.

Sterling was flat on the day against both the US dollar and the euro, sitting at $1.7613 versus the dollar and at £0.6821 against the euro. Mortgage approvals that were at their highest level since August of last year did not help the struggling UK currency.

The Canadian dollar gained 0.9 percent to $1.1708 in relation to the US dollar, rising again after hitting a 14-year high last week. Record high prices for natural gas have been supporting the loonie. Mergers and acquisitions inflows, which are expected to continue, also have helped the gains.

Meanwhile in New Zealand, the dollar there was up 1 percent versus the US dollar, at $0.6908. The kiwi gained on the release of gross national product data that was strong enough to lead to speculation that the New Zealand central bank will soon raise interest rates. If that does happen, it is expected that the kiwi will find extra support.

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