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October 24, 2006

Yen weakens yet again

Permalink: Yen weakens yet again
by Elaine Frei

The Japanese yen was weaker on Tuesday despite comments from Japan’s vice minister for internal affairs that he did not see his nation’s currency declining beyond current levels. Some analysts said that the comments were meant for the consumption of European Central Bank officials and were in reference to the euro’s recent gains versus the yen. At midday in New York, the Japanese currency had fallen 0.1 percent in relation to the euro to ¥149.90, while it dropped 0.2 percent versus the US dollar, to ¥119.50.

Sterling dropped 0.1 percent versus both the dollar and the euro after new data showed that the UK economy was on a downward trend, reinforcing the opinion of some analysts that next month’s expected interest rate hike from the Bank of England is likely to be the last in the series. The UK currency stood at $1.8720 in relation to the greenback and at £0.6702 against the euro.

The US dollar was 0.1 percent stronger in relation to the euro and the Swiss franc, to $1.2540 and SFr1.2690 respectively ahead of the Federal Reserve’s decision on interest rates, due Wednesday. The Fed is widely expected to leave rates on hold this month, but many also expect the remarks accompanying that announcement to express heightened concern over inflation.

The Australian dollar added 0.1 percent versus the greenback to $0.75756 and was 0.2 percent higher against the yen to ¥90.56 after a report from the International Monetary Fund that predicted an interest rate hike by the Reserve Bank of Australia.



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