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Friday 29th of August 2008
July 31, 2006

Yen strengthens on new data


by Elaine Frei

The yen was slightly stronger on Monday as new data showed industrial production up and as the renminbi hit a new high in China. Trade was light during the day as investors waited for interest rate decisions from several regions. There are possible rate hikes coming this week in Australia, South Africa, the UK and the eurozone. Meanwhile in the US, the Federal Reserve meets next week.

Japanese industrial production was up by 1.9 percent month-on-month in June, topping an expected 1.3 percent rise. Production had declined in May. In addition, the renminbi closed out the trading day at Rmb7.969. The Chinese currency finished the month 0.35 percent higher than it started, its biggest monthly gain since last year’s revaluation.

The yen gained 0.2 percent on the US dollar, the euro, and the Australian dollar to ¥114.42, ¥146.05, and ¥87.68 respectively. After an initial gain versus sterling, the yen settled back to ¥213.75 in relation to the UK currency.

The greenback held its own against the Euro and the Swiss franc, to $1.2760 and SFr1.2312 respectively, but it dropped 0.3 percent to $1.8670 in relation to sterling. One reason for the dollar’s lack of positive movement could be a report that said the International Monetary Fund is currently overvalued by 15 percent to 35 percent, although some analysts said that the report from the IMF was nothing new.

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