Yen battles in New York

Story link: Yen battles in New York

The yen was up and down all day before it settled just a bit lower in mid-session trading in New York.

It was down 0.3 percent against the euro to ¥135.72, fell 0.3 percent against sterling to ¥197.23, and declined 0.1 percent compared to the US dollar to ¥107.74.

It’s difficulties had to do with the continuing reluctance of China to revalue its currency as well as with figures on export growth that seemed to show a rise in growth from 6.1 percent in March to 7.8 percent in April.

However, with seasonal adjustment, export growth had actually slowed down from 2.7 percent to 1.1 percent.