Forex Top Story

Japanese Yen Rises Against Other Major Currencies

Tuesday, August 14, 2007 1:00:52 PM - The yen saw strength against the other majors on Tuesday in New York. The Japanese currency moved to a multi-month high against both the euro and sterling. It bounced back against the dollar after an early drop. Trading took place following the release of data indicating Japan's input price index for the manufacturing industry rose 0.5% in July from the previous month, according to a preliminary report released by the Bank of Japan on Tuesday.The Japanese yen was little-moved against the dollar on Tuesday in New York after rebounding from an early drop. The yen fell sharply in the early morning and then added further losses in the mid-morning. It rebounded starting at around 9 a.m. ET and eventually got as high as 117.73 at 11 a.m. ET. It edged back in the late morning and then climbed again in the early afternoon. The pair traded at 118.03 at 12:45 p.m. ET. The yen rallied against the euro in morning trading Tuesday in New York and reached its highest level in nearly four months. The Japanese currency climbed to as high as 159.88 at 4 a.m. It edged back lower for the next several hours, but then rallied again at around 10 a.m. ET and got as high as 159.74 at 11 a.m. ET. It moved back to 160.24 by 12:50 p.m. ET.The yen advanced against the sterling on Tuesday in New York and reached its highest level in nearly four months. The Japanese currency rose in early-morning trading and then saw sharper gains at around 10 a.m. ET. The yen got as high as 235.36 at 11 a.m. ET. The pair moved at 235.97 about two hours later.

Sterling Weaker After Release Of Inflation Rate Data

Tuesday, August 14, 2007 11:47:16 AM - The sterling saw weakness against the other majors on Tuesday in New York as traders considered data showing the UK annual inflation rate sharply dropped in July, falling below the central bank target, official data revealed Tuesday, dampening expectations of another interest rate hike from the central bank. The sterling moved to multi-month low against the yen, a multi-week low against the dollar and a six-day low against the euro. The pound dropped against the dollar in trading on Tuesday in New York and reached its lowest level in more than six weeks. The sterling slipped to as low as 1.9979 at 5:15 a.m. ET. It rebounded slightly but then slipped back towards the low in the later morning. The two moved at 1.9992 at 11:05 a.m. ET. Traders considered data from the U.S. Labor Department showing that the producer price index rose 0.6 percent in July following a 0.2 percent decrease in June.The sterling dropped against the euro on Tuesday in New York. The British currency posted sharp losses at around 4:30 a.m. ET before leveling off. It edged to a six-day low of 0.6796 at 6 a.m. ET. The pair moved at 0.6788 at 11:25 a.m. Investors mulled Euro zone GDP data, which was released on Tuesday. On an annual basis, the economy grew 2.5% in the second quarter, following 3.1% growth in the previous quarter. The pound fell against the yen on Tuesday in New York and reached its lowest level in nearly four months. The British currency fell in early-morning trading and then saw sharper losses at around 10 a.m. ET. The sterling got as low as 235.36 at 11 a.m. ET. The pair moved at 235.95 about 40 minutes later. Trading took place following the release of data indicating Japan's input price index for the manufacturing industry rose 0.5% in July from the previous month, according to a preliminary report released by the Bank of Japan on Tuesday.