Monday, May 02, 2005

 

Yen retreating against the yen and the euro?

Mon May 2 05:40:36 2005 - Yen Retreat on North Korean Missile Test

The greenback rose against the yen at 105.31 on reports that North Korea could have performed missile testing recently. Currency traders have been lifting the yen as a proxy bet for the yuan against other currencies. Speculation remains that China could soon revalue its currency.

Reports from China that reforms were in place for revaluation to take place also lifted the yen against the euro to record levels, but the missile test may have raised the euro recently. Also, profit-taking may have brought the yen down against the euro since the Japanese currency may have been overbought. In April, euro zone manufacturing dipped for the first time within the last 20 months. The euro remained firm on the news at $1.2859. Such a dip in manufacturing may be due to higher oil prices. Nevertheless, they are making a retreat. Sweet crude hit below $50 a barrel resulting from higher stocks of oil in the US and abroad.

Currency traders and investors are waiting for economic data from the US and the euro zone as well as results from the upcoming Federal Reserve policy meeting this Tuesday. The Fed might raise the fed funds rate by 25 basis points to 3 percent. Rates in the eurozone and Japan are 2 percent and zero, respectively.

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