: Yen nudges ahead after Welteke comments High Street Networking

29 November 2001, 10:48 : Yen nudges ahead after Welteke comments

Dollar dips under 123.00 yen support after Jiji news wire quoted Bundesbank President Welteke saying that guiding the yen lower would hurt other Asian economies. -- Dollar now at 122.87 and threatening support and stop-loss sell orders around 122.50. -- Euro eases to 109.06 yen from 109.20 but holding firm on the dollar at $0.8872 . -- ECB's Mersch says must wait for recent cuts to take effect before more cuts. -- Analysts worried that means any more easing is further away than first thought since generally assumed that it takes anywhere from six to nine months for the effects of rate cuts to be felt.