Investing.com - The dollar remained lower against the yen on Tuesday after data showed that U.S. building permits rose at the fastest pace in five years in October, bolstering the outlook for the U.S. recovery.
During European afternoon trade, USD/JPY was down 0.20% to 101.47, holding below the six-month high of 101.91 struck on Monday.
The U.S. Commerce Department said that the number of building permits issued in October rose 6.2% to a seasonally adjusted 1.034 million from September’s total of 0.970 million. Analysts expected building permits to decline to 0.940 million units in October.
The yen found support after Tuesday’s minutes of the Bank of Japan’s October meeting showed some policymakers see a greater downside risk to the economy.
The BoJ noted that the economy is following the path to the bank’s 2% inflation target at a moderate pace. The members also said that there remains a high degree of uncertainty over the medium to long term inflation outlook.
Elsewhere, the euro trimmed gains against the dollar, with EUR/USD up 0.19% to 1.3541, off session highs of 1.3571.
The euro shrugged off dovish remarks by European Central Bank board member Benoit Coeure, who said Tuesday that negative deposit rates are still a possibility.
The pound edged lower against the dollar, with GBP/USD dipping 0.07% to 1.6144.
Sterling slipped after Bank of England Governor Mark Carney said the bank’s 7% unemployment target is a threshold and not a trigger for rising interest rates. The comments came during testimony on the BoE’s quarterly inflation report before parliament’s Treasury committee.
The dollar was down against the Swiss franc, with USD/CHF losing 0.25% to trade at 0.9094.
The greenback was broadly higher against the Australian, New Zealand and Canadian dollars, with AUD/USD down 0.56% to 0.9110, NZD/USD down 0.23% to 0.8188 and USD/CAD losing 0.19% to trade at 1.0523.
Earlier Tuesday, Reserve Bank of Australia Deputy Governor Philip Lowe said intervention to weaken the strong Australian dollar is an option, but added that the threshold for intervention is high.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.18% to 80.81.
During European afternoon trade, USD/JPY was down 0.20% to 101.47, holding below the six-month high of 101.91 struck on Monday.
The U.S. Commerce Department said that the number of building permits issued in October rose 6.2% to a seasonally adjusted 1.034 million from September’s total of 0.970 million. Analysts expected building permits to decline to 0.940 million units in October.
The yen found support after Tuesday’s minutes of the Bank of Japan’s October meeting showed some policymakers see a greater downside risk to the economy.
The BoJ noted that the economy is following the path to the bank’s 2% inflation target at a moderate pace. The members also said that there remains a high degree of uncertainty over the medium to long term inflation outlook.
Elsewhere, the euro trimmed gains against the dollar, with EUR/USD up 0.19% to 1.3541, off session highs of 1.3571.
The euro shrugged off dovish remarks by European Central Bank board member Benoit Coeure, who said Tuesday that negative deposit rates are still a possibility.
The pound edged lower against the dollar, with GBP/USD dipping 0.07% to 1.6144.
Sterling slipped after Bank of England Governor Mark Carney said the bank’s 7% unemployment target is a threshold and not a trigger for rising interest rates. The comments came during testimony on the BoE’s quarterly inflation report before parliament’s Treasury committee.
The dollar was down against the Swiss franc, with USD/CHF losing 0.25% to trade at 0.9094.
The greenback was broadly higher against the Australian, New Zealand and Canadian dollars, with AUD/USD down 0.56% to 0.9110, NZD/USD down 0.23% to 0.8188 and USD/CAD losing 0.19% to trade at 1.0523.
Earlier Tuesday, Reserve Bank of Australia Deputy Governor Philip Lowe said intervention to weaken the strong Australian dollar is an option, but added that the threshold for intervention is high.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.18% to 80.81.