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FOREX-US dollar slips to session lows vs yen

Mon Sep 8, 2008 11:17am EDT

(Updates with latest market move)

Currencies  |  Global Markets

NEW YORK, Sept 8 (Reuters) - The U.S. dollar slipped to session lows against the yen on Monday, as equities trimmed earlier gains and benchmark Treasury bond yields slipped.

The dollar fell as low as 107.86 yen JPY= before recovering to 108.03, still up on the day. Earlier, it had risen to a high of 109.08 yen.

U.S. stocks also pared back gains, coming off a sharply higher open, while 10-year U.S. Treasury yields US10YT=RR were at 3.72 percent from about 3.74 percent earlier.

"We've seen Treasury yields come off and that has weighed on dollar/yen. Earlier, it was the rise in Treasury yields that initially helped dollar/yen," said Brian Dolan, chief currency strategist, at Forex.com in Bedminster, New Jersey.

He also added that with the latest slide in dollar/yen, he sees the pair slipping to the 107.50/40 area. (Reporting by Gertrude Chavez-Dreyfuss; Editing by James Dalgleish)

Currencies
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