The yen fell against the greenback Tuesday morning in New York. The Japanese currency dropped sharply in the early morning, dipping to an intraday low of 122.67 at 2:30 am ET. The yen rebounded somewhat over the next few hours to trade at a mark of 122.49 at 6:40 am. This is compared to an intraday high of 122.32 at 12:30 am. Greenback traders looked ahead to Tuesday`s release of data showing factory orders and pending home sales for May.
Versus the euro, the yen advanced Tuesday morning in New York. The Japanese currency retreated during the early morning, hitting an intraday low of 167.16 at 2:30 am ET. The yen more than made up for those losses over the next few hours to reach a mark of 166.38 at 6:40 am. European currency traders mulled data showing that the Euro zone jobless rate fell to 7.0% in May.
The yen edged higher against the sterling Tuesday morning in New York. The Japanese currency retreated during the early morning, falling to an intraday low of 247.60 at 2:20 am ET. The yen surged ahead over the course of the next few hours, however, reaching a mark of 246.54 at 6:40 am. Sterling investors looked ahead to Wednesday morning`s release of British consumer confidence.
Japan`s monetary base fell 4.1% from last year in June, following a 5.7% decline in the prior month, Bank of Japan said Tuesday. Analysts expected a 4.2% decrease in June. Bank notes in circulation rose 1.7% on year, while coins in circulation climbed 0.7%. This compared to increases of 1.1% and 0.7% respectively in May. Current account balance excluding Japan Post declined 40.3% from last year, down from 53.9% slip in the previous month.
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