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Dollar Holds Gains Versus Yen Before Major Economic Data
Wednesday, 1 July 2020 08:15 WIB | CURRENCIES |DOLLAR Yen

The dollar held onto gains against the yen on Wednesday ahead of data expected to show U.S. manufacturing activity and hiring continued to recover from the economic shock caused by the coronavirus pandemic.

The euro was hemmed into a narrow range as traders awaited data on Germany™s manufacturing sector, retail sales, and the jobless rate to gauge the health of the eurozone economy.

A surge in coronavirus infections in the U.S. south and southwest has worried some market participants, but most investors are betting this will not be enough to derail a broader rebound in the global economy.

The dollar traded at 107.99 yen in Asia on Wednesday, close to the highest in three weeks.

The mood for the yen soured after Bank of Japan data showed business sentiment fell to an 11-year year low.

The euro held steady at $1.1234. Against the British pound, the common currency traded at 90.65 pence following a 0.9% decline on Tuesday.

Sterling bought $1.2394 as it held on firmly to the previous session's gains, but traders may be reluctant to buy the pound further due to worries about Britain's trade negotiations with the European Union.

Source : Reuters

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