Treasury - Daily Forex for day 28.06.2007

The yen rose across the board for the third consecutive session on Wednesday, further recovering from recent multiyear lows as investors continued to unwind the carry trades. The euro erased earlier losses against the dollar, but still remained trapped in a range of $1.34-$1.3470.

The crown rallied from 15-month lows against the euro yesterday, gaining more than half a percent on the day as investor interest in risky assets proved fading. That boosted safe-haven currencies like the Japanese yen and the Czech currency. The crown may have also been encouraged by speculation that the CNB might surpise the market with an interest rate hike at its monthly policy meeting on Thursday.