Yen trades strong as Sterling down

Yen trades strong as Sterling down

Story link: Yen trades strong as Sterling down

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In currency markets this week, things didn’t go so well for the sterling. It fell 0.5 percent on the week in relation to the euro, and ended the week at £0.6776.

Things were better for the dollar and very good for the yen. News that 100,000 more jobs than expected were created in the U.S. in April, for a total of 274 new jobs, sent the dollar up against the euro and sterling.

Numbers at the end of the week put the dollar 0.7 percent higher in relation to sterling to stand at $1.8922. The dollar was 0.3 percent higher against the euro at $1.2825. The dollar was down against the yen, however, ending the week 0.3 percent lower at ¥104.83.

The yen had a very good week on continuing speculation that the Chinese renminbi would be revalued soon. That speculation was heightened Friday as it was announced that representatives of China’s central bank would hold talks with U.S. Treasury officials on Monday.

The yen was up to ¥134.44 against the euro. This was a three-month high, and a 0.5 percent gain for the week. The yen was also up 1 percent to ¥198.33 in relation to sterling and up 0.9 percent against Swiss franc, to ¥86.90.