Japanese yen surges after mixed trade data
On Wednesday, the Japanese yen managed to gain, reacting to mixed trade data as well as the greenback’s overnight weakness.
The currency pair USD/JPY dived 0.11% at 109.08, while AUD/USD dipped 0.24% at 0.7794.
The adjusted trade balance for March demonstrated a surplus of ¥280 billion in Japan. That’s much narrow than the previous ¥450 billion. Imports sagged 14.9%, exports fell 6.8%.
The US dollar index, measuring the evergreen buck’s strength against six key currencies edged up 0.01% at 94.08.
Overnight the US dollar weakened against other key currencies due to downbeat American housing sector data.
According to the US Census Bureau, in March, building permits dipped 7.7% to 1.086 million units, right after last month’s 2.2% sag to 1.177 million units. Financial analysts had actually expected building permits to surge to about 1.200 units last month.
In March, American housing starts dipped by 8.8% to approximately 1.089 million units right after February’s soar to 1.194 million units.
The Japanese currency was under pressure following Taro Aso’s statement that he would opt for special measures to cope with excessive currency moves.