TOKYO: The dollar dipped vs yen on Thursday after disappointing U.S. monetary data pressed Treasury yields and dulled investor desire for the greenback.
The dollar was down 0.2 percent at 117.555 yen, continuing its slow retreat from a seven-year high of 118.98 struck a week ago.
Wednesday’s disappointing U.S. consumer, housing and manufacturing data pushed the benchmark 10-year U.S. Treasury note yield to a one-month low.
“Market participants are taking this opportunity to trim some of their accumulated dollar long positions. As far as dollar/yen is concerned, there is also firm bargain-hunting demand on dips, keeping the pair in range as the market heads into U.S. Thanksgiving,” said Junichi Ishikawa, a market analyst at IG Securities in Tokyo.
U.S. financial markets are closed on Thursday for Thanksgiving, with many U.S. traders expected to take Friday off, although markets will be open.
“For dollar/yen to go on offensive again, we may have to wait for next week’s batch of U.S. data, notably the non-farm payrolls,” Ishikawa said.
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