Yen, Swiss franc decline on week

The Japanese yen dropped 0.8 percent this week to ¥103.70 versus the Australian dollar, while it was down 1.3 percent to ¥164.90 against the euro. It fell 1.6 percent to ¥123.60 in relation to the US dollar and declined 1.9 percent to ¥244.20 versus sterling. The yen dropped after the Bank of Japan announced Friday that it is leaving interest rates on hold for the time being. Comments from the governor of the Bank of Japan and from the nation’s finance minister both tended to put in question the belief of most analysts that rates in Japan will rise in August.

The Swiss franc lost value during the week as well, even though the Swiss National Bank raised interest rates to 2.5 percent. The Swiss currency dropped 0.6 percent to 1.6600 in relation to the euro, while it fell 0.7 percent to Sfr1.2440 against the greenback.

The New Zealand dollar fell by more than 2 percent to $0.7465 versus the US dollar after the Reserve Bank of New Zealand took steps to intervene it its currency’s value on Monday. Later in the week, however, the New Zealand currency began to recover and ended the week still down by 1.2 percent versus the US dollar at $0.7540 but 0.3 percent higher against the yen at ¥93.20.

The US currency was mixed this week. It added 0.2 percent to $1.3350 in relation to the euro, but it dropped 0.2 percent to $1.9750 versus sterling.

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