Yen, sterling stronger

The Japanese yen was stronger by midafternoon in New York. The yen added 0.3 percent to ¥117.15 versus the US dollar, while it gained 0.4 percent to ¥155.70 in relation to the euro. The yen was, however, 0.5 percent weaker against sterling, to ¥229.25.

Sterling’s strength came on new data showed that UK consumer price inflation was up by 0.4 percent in February, sending the annual rate to 2.8 percent. In addition, retail price inflation is up as well, to 4.6 percent. This makes it more likely that the Bank of England will raise interest rates again soon. Sterling added 0.7 percent to $1.9585 versus the greenback, while it gained 0.8 percent to £0.6790 against the euro.

The US dollar remained steady in relation to the euro at $1.3295.

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