Thursday, August 31, 2006

Japanese Yen Accelerated From Record Low Against Euro Amid Hawkish Comments By Trichet

8/31/2006 1:11:50 PM The yen extended Wednesday's losses against its European counterpart Thursday in New York trading. The Japanese currency showed steady losses against the Euro during overnight trading and into the early morning hours. The Japanese yen touched a new record low against its European counterpart of about 150.70. However, the Japanese currency edged up into a range against the Euro, holding steady amid the ECB rate decision. Soon after, the yen reversed its losses against the Euro and entered a high range. This move followed hawkish comments by ECB President Trichet. As of 1:05 pm ET, the Euro was worth 150.13 yen.

Earlier, lower-than-expected industrial production and housing data pushed the yen down further against its counterpart. This move continued downward momentum seen throughout Wednesday as retail trade and earnings data printed below the market consensus. On Friday, vehicle sales for the month of august is the sole piece of Japanese economic data scheduled to be released.

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