Yen weaker as oil prices fall

The yen was weaker on Tuesday as investors gained more enthusiasm for carry trades funded with the Japanese currency as oil prices declined, but losses for the yen slowed with the decline in oil prices.

At just before noon in New York, the yen traded at ¥104.7000 to the US dollar, at ¥163.6147 to the euro, at ¥100.6690 to the Australian dollar and at ¥82.155 to the New Zealand dollar.

While the Australian and New Zealand dollars gained on the yen, both weakened a bit in relation to the US dollar as the price of gold declined in New York and on concerns that economic growth in New Zealand will slow.

At the latest report, the dollar was trading at 96.15 cents US to the Australian dollar and at 78.93 cents US to the New Zealand dollar.

The US dollar was helped by durable goods orders that were up 2.5 percent in April when transportation equipment orders were excluded, while the euro was aided by new data showing that inflation in German was up 3 percent in May from the same month last year.

In midday trade in New York a euro was worth $1.5661.

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