Yen Hits 2-month Low Versus Dollar, Wednesday, May 02, 2007 7:19:10 AM

The yen hit a 2-month low against the dollar and stayed near a 3-month low against the sterling Wednesday morning in New York. Traders considered data showing that Japanese steel exports declined on year while imports rose.

The yen dropped to a 2-month low of 120.18 against the dollar Wednesday morning in New York. Wednesday will see the release of important factory orders data from the US.

The yen raced lower to the euro Wednesday morning in New York, falling to 163.16 after hitting 162.55 in early dealing. German PMI for manufacturing industry improved slightly to 57.0 in April. Economists were looking for a reading of 57.3.

Choppy trading against the sterling Wednesday morning in New York left the yen slightly improved from Tuesday`s 3-month low of 239.76. The yen traded at 239.15 approaching mid-morning as traders assessed data from the UK showing total net lending to individuals rose GBP10.8 billion in March.

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