Investing.com - The yen gained in Asia on Wednesday with investors noting mixed trade data and overnight dollar weakness.
changed hands at 109.08, down 0.11%, while traded at 0.7794, down 0.24%.
In Japan, the for March showed a surplus of ¥280 billion, narrower than the ¥450 billion seen and an overall surplus of ¥755 billion, a second straight gain and also narrower than the ¥835 billion expected. dropped 14.9%, less than the 16.2% year-on-year expected, but a 15th straight drop, and fell 6.8%, a tad weaker than a 6.9% decline seen, a sixth straight monthly drop.
The , which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.01% to 94.08.
Overnight, the dollar remained broadly lower against the other major currencies on Tuesday, as the release of disappointing U.S. housing sector data continued to weigh on demand for the greenback.
The U.S. Census Bureau said that building permits fell 7.7% in March to 1.086 million units, after a 2.2% drop the previous month to 1.177 million units. Analysts had expected building permits to rise to 1.200 units last month.
U.S. housing starts declined by 8.8% in March to 1.089 million units after increasing by 6.9% to 1.194 million units in February, whose figure was revised from a previously estimated 1.178 million units. Analysts had expected housing starts to hit 1.170 million units in March.
The yen came under pressure after Japan's Finance Minister Taro Aso said Tuesday he would take "various measures" against excessive currency moves and added that rapid currency moves are unwelcome.
Meanwhile, uncertainty over future U.S. rate hikes persisted after New York Federal Reserve President William Dudley warned on Monday that the U.S. central bank is likely to stick to a cautious approach on tightening monetary policy.
Boston Fed President Eric Rosengren said that rates could increase more rapidly than investors currently expect.
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Source → Forex - Yen gains after mixed trade data, overnight fall of dollar