In trading against its American counterpart on Wednesday, the Japanese currency saw mixed action. The currency dropped to a mark of 119.78 by the midday, but gained back some of its losses to move at 119.37 into the mid afternoon. Forex traders mulled data from the U.S. that showed a 0.5% rise in wholesale manufacturing orders, as well as a downwardly revised home sales estimate. The National Association of Realtors expect existing home sales in the US to total 6.04 million in 2007, compared to the previous estimate of 6.38 million.
Versus its European counterpart, the Japanese yen saw weakness in action on Wednesday. By the mid morning, the yen had fallen to a mark of 165.20 against the yen. The currency held near that mark into the mid-afternoon action.
The Japanese currency fell steadily against the British sterling in trading on Wednesday morning. The yen reached a mark of 243.65 and hovered near that mark into the mid afternoon. The pound and yen moved as the Bank of England acknowledged market expectations of another hike by saying, “Short-term sterling interest rates suggest that market participants expect Bank Rate to peak at close to 6% by early 2008 and then drop back”.
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