Thursday, August 31, 2006

Yen Holding Steady Against British Pound Mid-day Thursday

8/31/2006 1:12:59 PM The Japanese currency weakened against its British counterpart Thursday in New York. The Japanese yen traded down to a fresh multi-year low of about 223.78 against the pound. This came amid the release of much higher-than-expected British nationwide house prices data. However, the yen gained momentum against the pound soon after. The Japanese currency showed small, but steady, advances against its counterpart for several hours before entering a range during intraday trading. As of 1:05 pm ET, the British pound was worth 223.18 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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