Yen Sees Weakness Against Major Counterparts, Monday, July 30, 2007 7:01:30 PM

The Japanese yen was weak against the other majors on Monday in New York. The currency was generally uncertain in the morning, but dropped against the euro, dollar and sterling in the afternoon. Yen traders looked ahead to household spending data for June, expected later Monday.

The yen was down against the dollar on Monday in New York. The yen fell in the early morning, but rebounded from that and reached as high as 118.08 at about 6:30 a.m. It cooled over the next few hours and then dropped sharply through the afternoon. The pair traded at 119.17 at 6:50 p.m. ET, just off the daily low for the yen. In general, the pair has been range-bound for a few days. Greenback traders looked ahead to Tuesday`s US employment data.

The yen slipped in trading with the euro on Monday in New York and moved away from a three-month high. The Japanese currency dropped in early-morning trading but rebounded later in the morning. It began to fall again a little before noon ET and continued to decline throughout the afternoon.. The pair traded at 163.32 at 6:55 p.m. ET. Investors mulled data showing that German wholesale turnover grew in June.

The yen saw weakness against the pound on Monday afternoon and moved away from a seven-week high. The yen dropped in the earning morning, but edged higher over the next three hours. It dropped again throughout the afternoon and traded at 241.50 at 6:55 p.m. ET. Trading took place amid the release of data showing that U.K. mortgage approvals topped expectations in June.

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