LONDON: The dollar was flat against the yen in Asia trade Monday, with profit taking kicking in to erase some of the greenback’s weekend gains after upbeat U.S. jobs data.
Around 0450 GMT, the dollar was down to Y118.85 compared with Y118.83 late Friday in New York.
Earlier in Asia trade, the dollar was tracking its weekend strength and was above the Y119-line. But the U.S. currency later found itself top heavy and started ratcheting down with investors locking in profits, bringing the greenback to as low as Y118.73.
Weak China trade data figures released Sunday also put downward pressure on the commodity-linked Australian dollar against the yen, which kept a lid on gains in the U.S. dollar against the Japanese currency.
China’s exports posted a surprising 3.3% drop in January, while imports fell a sharp 19.9% during the month, partly due to weak domestic demand as well as big declines in oil and raw material prices.
