Sunday, July 29, 2007
The yen hit a three-month high against the euro in early trade on Monday as the sell-off in global equity and credit markets encouraged investors to cut back on risky positions such as carry trades.But the yen gave up some gains as overall losses in Asian equities turned out to be restricted, and as Japanese investors and other market players seized on the rise as an opportunity to sell the low-yielding yen for higher-yielding currencies.
The dollar fell 0.1 percent to 118.46 yen after sliding in early trade close to the 3-1/2-month low down of 118.02 yen struck last week on electronic trading platform EBS.The euro slipped 0.1 percent to 161.49 yen , having well again nearly a full yen from a three-month low of 160.64 yen hit in early trade on EBS.
The dollar fell 0.1 percent to 118.46 yen
posted by stifxonline
@ 10:49 PM
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