Yen Generally Weaker Against Major Counterparts, Monday, July 23, 2007 6:51:57 AM

The yen generally weakened versus its major counterparts Monday morning in New York. The Japanese currency lost a little bit of ground versus the dollar and the sterling. Meanwhile, the yen experienced mostly uncertain trading with the euro. Traders considered data showing that supermarket sales in Japan fell again in June.

The yen edged slightly lower versus the dollar Monday morning in New York. The early morning was dominated by uncertain trading until the Japanese currency began to slide at about 4:30 am ET. At 6:00 am, the yen fell to an intraday low of 121.49. By 6:40 am, the Japanese currency rebounded to a mark of 121.22 against its American counterpart. Greenback traders looked ahead to Wednesday`s release of the Federal Reserve`s Beige Book.

Against the euro, the yen was largely uncertain Monday morning in New York. At 6:40 am ET, the Japanese currency traded at a mark of 167.38 against its European counterpart. This is compared to an intraday high of 167.09 just before 3:30 am and an intraday low of 167.69 at 6:00 am. European currency investors looked ahead to Tuesday`s release of the German import price index for June.

The yen fell slightly against the sterling Monday morning in New York. The Japanese currency experienced uncertain trading before retreating at 4:30 am ET. By 6:45 am, the yen slid to a mark of 249.26 against its British counterpart. Traders considered data showing that U.K. housing prices fell in July.

Japan supermarket sales continue to fall in June Japanese supermarket sales fell 1.5% from the previous year to 1.13 trillion yen in June, the Japan Chain Stores Association said Monday. This followed a 0.6% decline in the prior month. Supermarket sales, before store adjustment dropped 1.3% in June, after rising 1.1% in the prior month.

Copyright © 2007 RTTNews.com. All Rights Reserved.