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Alexander User Platinum Boarder Posts: 370   Yen Trades Near Seven-Week Low - 2007/12/26 19:22 Hi, traders, I hope you are had a nice quality time with your families. Now back to business The yen traded near a seven-week low against the dollar on speculation the Bank of Japan will refrain from raising interest rates after policy makers said risks to global economic growth are increasing. Japan's yen has weakened against 9 of the 16 most-active currencies this year as the nation's central bank kept its benchmark lending rate at the lowest among major economies, prompting investors to seek higher yields elsewhere. Financial markets in Australia, Hong Kong and the U.K. are closed today for the Boxing Day holiday. The yen traded at 114.18 per dollar at 10:46 a.m. in Tokyo from 114.13 in New York yesterday. It dropped to 114.49 on Dec. 24, the weakest since Nov. 7. The currency was at 164.85 per euro from 164.40 yesterday. It touched 164.90 on Dec. 24, the lowest since Dec. 13. The yen may move between 107 and 117 per dollar next year, Fujii forecast. The dollar traded at $1.4438 per euro compared with $1.4402 yesterday, weakening for a fourth day before a report that may show U.S. home prices declined. The currency also traded at $1.9817 against the British pound from $1.9783, and at 1.1541 versus the Swiss franc from 1.1582. The pound traded at 72.85 pence per euro, compared with 72.78 yesterday, when it fell to 73.13, the lowest since the European currency was introduced in 1999.   | | The administrator has disabled public write access.
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