Investing.com - The dollar was lower against the yen on Monday after comments by Japan’s economy minister indicated that the government could be satisfied with the current level of the yen after recent sharp declines.
During European late morning trade, the dollar retreated from almost four-and-a-half year highs against the yen, with USD/JPY down 0.53% to 102.63.
The yen found support after Japan’s Economy Minister Akira Amari indicated that the yen’s correction from excessive strength was almost over and warned that further yen weakness could have a negative impact on Japan’s economy.
Demand for the dollar continued to be underpinned after data on Friday showing that U.S. consumer sentiment rose to an almost six year high in May fuelled speculation over a near-term exit from the Federal Reserve’s easing policies.
Elsewhere, the euro pushed higher against the dollar, with EUR/USD rising 0.18% to 1.2854.
The single currency remained under pressure amid speculation that the European Central Bank is preparing to cut deposit rates into negative territory.
The dollar was lower against the pound and the Swiss franc, with GBP/USD easing up 0.13% to 1.5186 and USD/CHF falling 0.37% to 0.9687.
The greenback was broadly weaker against its Australian, New Zealand and Canadian counterparts, with AUD/USD up 0.31% to 0.9765, NZD/USD advancing 0.82% to 0.8132 and USD/CAD edging up 0.10% to 1.0284.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.18% to 84.19.
Trade volumes looked likely to remain light on Monday, with many European traders away for the Whit Monday holiday.
During European late morning trade, the dollar retreated from almost four-and-a-half year highs against the yen, with USD/JPY down 0.53% to 102.63.
The yen found support after Japan’s Economy Minister Akira Amari indicated that the yen’s correction from excessive strength was almost over and warned that further yen weakness could have a negative impact on Japan’s economy.
Demand for the dollar continued to be underpinned after data on Friday showing that U.S. consumer sentiment rose to an almost six year high in May fuelled speculation over a near-term exit from the Federal Reserve’s easing policies.
Elsewhere, the euro pushed higher against the dollar, with EUR/USD rising 0.18% to 1.2854.
The single currency remained under pressure amid speculation that the European Central Bank is preparing to cut deposit rates into negative territory.
The dollar was lower against the pound and the Swiss franc, with GBP/USD easing up 0.13% to 1.5186 and USD/CHF falling 0.37% to 0.9687.
The greenback was broadly weaker against its Australian, New Zealand and Canadian counterparts, with AUD/USD up 0.31% to 0.9765, NZD/USD advancing 0.82% to 0.8132 and USD/CAD edging up 0.10% to 1.0284.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.18% to 84.19.
Trade volumes looked likely to remain light on Monday, with many European traders away for the Whit Monday holiday.