14 May 2007, 16:48  The dollar rose slightly against the yen

The dollar rose slightly against the yen amid a lack of fresh market-driving news. Traders said the dollar was expected to hover near 120 yen this week because of the absence of fresh news to spur dollar buying. Better-than-expected Japan trade data for March helped the yen rise momentarily against the dollar, but a revival in carry trades was helping the dollar recover, the traders said. Carry-trading involves borrowing money at Japan's low interest rates to invest in higher-yielding assets elsewhere. The dollar was mixed against other regional currencies, dipping to 8,795 Indonesian rupiah from 8,870 the previous session, and gaining to 40.945 Indian rupee from 40.75. It fell to 924.2 South Korean won from 926.8.

© 1999-2022 Forex EuroClub
All rights reserved