28 September 2004, 11:58  Euro rises to four-month high against yen

The euro rose to its highest against the yen since mid-May on Tuesday as soaring oil prices put the Japanese currency under broad-based pressure. U.S. crude oil futures notched record highs above $50.40 a barrel as supply worries compounded concerns over low fuel stocks ahead of winter demand. A further slide in Tokyo's stock market and jitters ahead of a key Japanese business sentiment survey later this week also weighed on the yen, knocking it to a four-month low of 137.13 to the euro by 0725 GMT. The yen also hit a fresh six-week low against the dollar, beyond 111.50 . Umberto Alvisi, currency strategist at Credit Suisse First Boston, noted the yen came under similar selling pressure when oil prices were rising to record highs last month. "Asia is more dependent on oil than other regions and people expect costly oil to take its toll on growth," he said.|||

© 1999-2024 Forex EuroClub
All rights reserved