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Yen Crosses Weighed Down by Further

Friday, 27 June 2008 23:48:32 GMT

Written by Kathy Lien, Chief Strategist

The Japanese Yen crosses continued to crumble under the weight of the Dow.  On Thursday, stocks were down more than 300 points and on Friday, it added another 100 points to the losses.  None of the yen crosses managed to escape unscathed.  Japanese economic data was mixed with household spending dropping more than expected while consumer prices and industrial production improved.  Next week, the Quarterly Tankan report is due for release. This index of business sentiment has in the past been very market moving, but these days it is far less so.  Nonetheless, if business sentiment deteriorates materially, it could add some downside pressure to the Japanese Yen.

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