The yen fell against the dollar Wednesday morning in New York. The Japanese currency experienced choppy trading before beginning a retreat just after 5:00 am ET. By 6:30 am, the yen slid to a mark of 120.44. This is compared to an intraday high of 119.92 just before 3:00 am. Greenback traders looked ahead to Wednesday`s release of the Federal Reserve`s Beige Book.
Against the euro, the yen advanced to a nearly one-month high Wednesday morning in New York. The Japanese currency slid during the early morning, dipping to an intraday low of 166.22 at 1:20 am ET. The yen advanced after that, reaching an intraday high of 165.03 just after 5:00 am. The Japanese currency gave back some of its gains over the next couple of hours to trade at a mark of 165.30 at 6:45 am. European currency investors considered data showing that French business confidence was unchanged in July, matching expectations.
The yen edged higher versus the sterling Wednesday morning in New York. At 6:45 am ET, the Japanese currency traded at a mark of 246.96. This is compared to an intraday high of 246.46 just after 5:00 am and an intraday low of 247.91 at 1:20 am. Sterling investors looked ahead to Thursday`s release of nationwide housing prices for July.
Japanese merchandise trade surplus grew better-than-expected in June, the Ministry of Finance announced Wednesday. The trade surplus surged not seasonally adjusted 53.4% annually to 1.227 trillion yen in June. Economists were looking for an excess of 955.0 billion yen. In May, the trade surplus reached 385.1 billion yen, up 8.1%. Compared to the same month last year, exports improved 16.2% to 7.284 trillion yen. The total electrical machinery exports advanced 7.3% annually, of which semiconductors gained 7.8%.
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