Dollar stands still after the sudden growth of the yen
LONDON, May 26 (Reuters) - A sharp rise in the yen during Asian trading on Thursday blocked the further rise of the dollar increase after two weeks and the resumption of speculation about the resistance to any increase in American investors for 110.50 yen mark.
During the first minutes of trading in Tokyo unexpected jump yen to the dollar led to fall 109.42 to 110.235 session peak. To 9.10 MSCs it traded at 109.69, 0.5 percent lower than the previous closing.
Dealers two London banks, who wished to remain anonymous, said that the yen seems to have fixed between 107 and 110.50 yen to the dollar, with the value of the upper stands of considerable interest, and which contributed to the retreat of the dollar last week.
Although the Japanese government and do not conduct foreign exchange intervention at this point, most traders believe that officials may be forced to take them, if the yen against the dollar will strengthen to 100 yen.
US officials, in turn, openly said at a meeting of the G7 advanced economies, that oppose Tokyo swift action to weaken the yen.
By 15.35 GMT, the yen fell by 0.15 percent to 110.03. Chinese yuan fell by 1 percent this month in response to changes in expectations of growth rates in the US. Yuan was 6.56 per dollar after weakening to 6.58 yuan last week. Euro strengthened its position, reaching the level of $ 1.1178, moving away slightly from the highs of two months, reached on Wednesday.
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