Yen stronger versus USD, euro

September 5, 2008

Yen stronger versus USD, euro

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Yen stronger versus USD, euro




The Japanese yen strengthened versus the euro and the US dollar Friday on a retreat from carry trades, on a higher US unemployment rate, and on concerns that the conflict between Georgia and Russia will get worse.

In new data, the US Labor Department said that the US economy lost 84,000 jobs in August, sending the unemployment rate there to 6.1 percent.

Late morning trade in New York found the yen trading at ¥106.4250 to the greenback and at ¥151.8312 to the euro, while it was at ¥86.0126 to the Australian dollar and traded at ¥70.675 to the New Zealand dollar.

Concerns that the US economic slowdown will spread and declines in commodities prices also weakened the Aussie and the kiwi in relation to the US currency, with the Australian dollar worth 80.82 cents US and the New Zealand dollar worth 66.39 cents US.

The pound weakened in relation to the euro and the dollar after UBS (NYSE: UBS; SWX: UBSN; TYO: 8657) predicted that the UK will fall into a recession in the second half of this year, but declines against the greenback were held back after the US unemployment report was issued.

More declines in house prices and yesterday’s decision by the Bank of England to hold interest rates steady also hurt the UK currency.

At just past 11 a.m. in New York the pound traded at 80.75p to the euro while it took $1.7668 to buy a pound.



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