Yen Gains In Late Morning On Other Majors, Thursday, May 10, 2007 12:19:50 PM

The Japanese yen showed strength in the late morning against other majors on Thursday. The currency gained on the pound and rallied back to even for the day against the euro. The yen remained down on the dollar, but rallied to make up a good portion of its losses. Trading took place amid the release of data showing that Japanese money supply and bank lending continued to grow in April. The euro had reached a two-week low on Wednesday.

The yen bounced back after falling to a multi-week low against the dollar during Thursday morning trading in New York. The yen fell throughout the morning and fell even further in the mid-morning amid the release of the U.S. economic news, and got as low as 120.52, its lowest level since the end of February. It gained back some of the losses with a rally in the late morning and by noon, the pair was at 120.24.

The yen advanced on the British pound. The yen fell until about 3 a.m. ET when it began to advance. The yen posted its sharpest advance at around 9 a.m. ET and got as high as 238.45 at noon ET.

The yen rallied back to its overnight levels against the euro on Thursday in New York. The Japanese currency fell sharply in the early morning hours to as low as 163.00 at 8:30 a.m. before leveling off at around 4 a.m. The yen rallied starting at around 10 a.m. ET and got back up to 162.46 by noon ET.

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