Yen Slips Against Majors [USD/JPY]

Wednesday, March 05, 2008 1:24:08 PM - The yen fell versus its major counterparts on Wednesday in New York. Investors had an increased risk appetite as a better than expected report on the US service sector.
Traders considered a report showing US service sector activity contracted less than expected in February. The report showed that that the non-manufacturing index rose to 49.3 in February from 44.6 in January, although a reading below 50 indicates continued contraction in the sector. Economists had been expecting the index to edge up to a reading of 47.5.
The yen slipped against the dollar on Wednesday, moving further away from Monday's 3-year high. The yen tumbled to 104.17 by 11:30 am ET, down from 103.37 earlier in the morning.
Versus the euro, the yen dropped to a 5-day low on Wednesday, dipping further away from Monday's multi-week high. The yen reached 159.21 by 11:30 am ET, down from an early morning high of 157.00. Investors mulled a report showing Euro zone retail sales rebounded slightly in January.
Against the pound on Wednesday, the yen tumbled to a 5-day low, sliding further away from Monday's 2-year high. Traders weighed a report showing UK services Purchasing Managers' Index unexpectedly improved in February.