The Japanese yen was the weakest major currency during today’s trading session. The yen slid not only against other majors, like the US dollar, but against commodity currencies as well.
Today’s data released from Japan showed that the Services Producer Price Index rose 0.7 percent in April from a year ago, exceeding analysts’ projections by a small margin. At the same time, the index was down 0.1 percent from March.
The yen fell more than 1 percent against the dollar, which is dominating the currency market today. Yet the Japanese currency was soft against other currencies as well, including the New Zealand dollar.
USD/JPY jumped from 121.55 to 123.13 as of 13:07 GMT today, trading July 2007. NZD/JPY surged from 88.82 to 89.50.
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