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Article: Yen advances in New York as nervous traders exit bets
- Article from:
- AP Worldstream
- Article date:
- February 7, 2006
- Author:
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STEVEN VAMES and LAURENCE NORMAN
AP Worldstream
02-07-2006
Dateline: NEW YORK
The dollar fell against the yen Tuesday, as profit taking on yen-bearish bets sparked broader buying of the Japanese currency.
Trading in the yen was mostly driven by technical factors, with investors inclined to buy yen after it failed overnight to revisit the eight-week low it touched last Friday. The yen gained even more sharply versus the euro, rising to its best levels in about two weeks in a move that brought the euro down about 1 percent versus the Japanese currency Tuesday.
However, the dollar had a subdued performance versus the euro and most other currencies, as a lack of news and economic data gave ...