Investing.com - The dollar softened against the yen on Wednesday as investors crept out of the safety of the U.S. currency where they holed up as nasty post-tropical storm Sandy lashed the U.S.
The country was still assessing widespread damage, though many investors who rode out the storm in the safe-harbor greenback sold to play an eventual recovery.
Markets shrugged off a Bank of Japan move to expand its easing program.
In Asian trading on Wednesday, USD/JPY was trading at 79.56, down 0.08%, up from a session low of 79.55 and off a high of 79.68.
The pair was likely to find support at 79.28, Tuesday's low, and resistance at 80.10, Tuesday's high.
Hurricane Sandy morphed into a post-tropical giant and roared ashore along the New Jersey coast on Monday, lashing the heavily populated northeastern U.S. with heavy rains, high winds and a deadly storm surge.
Markets were closed for a second day in the U.S. on Tuesday, though investors who bought dollars prior to the storm's landfall began to loosen up by Asian trading on Wednesday, selling
their dollars to play recovery, which weakened the greenback against its Japanese counterpart.
Meanwhile, the Bank of Japan decided to expand its asset-purchasing program to JPY91 trillion from JPY80 trillion to further stimulate the economy, though investors shrugged off the amount and sold greenbacks in exchange for safe-harbor yen.
The yen, meanwhile was up against the pound and up against the euro, with GBP/JPY down 0.02% and trading at 127.96 and EUR/JPY trading down 0.03% at 103.16.
Later Wednesday in the U.S., payroll processing firm ADP is to release a report on nonfarm payrolls, a leading indicator of private-sector job creation.
The U.S. is also to publish official data on manufacturing activity in Chicago.
Japan is due to release data on housing starts.
The country was still assessing widespread damage, though many investors who rode out the storm in the safe-harbor greenback sold to play an eventual recovery.
Markets shrugged off a Bank of Japan move to expand its easing program.
In Asian trading on Wednesday, USD/JPY was trading at 79.56, down 0.08%, up from a session low of 79.55 and off a high of 79.68.
The pair was likely to find support at 79.28, Tuesday's low, and resistance at 80.10, Tuesday's high.
Hurricane Sandy morphed into a post-tropical giant and roared ashore along the New Jersey coast on Monday, lashing the heavily populated northeastern U.S. with heavy rains, high winds and a deadly storm surge.
Markets were closed for a second day in the U.S. on Tuesday, though investors who bought dollars prior to the storm's landfall began to loosen up by Asian trading on Wednesday, selling
their dollars to play recovery, which weakened the greenback against its Japanese counterpart.
Meanwhile, the Bank of Japan decided to expand its asset-purchasing program to JPY91 trillion from JPY80 trillion to further stimulate the economy, though investors shrugged off the amount and sold greenbacks in exchange for safe-harbor yen.
The yen, meanwhile was up against the pound and up against the euro, with GBP/JPY down 0.02% and trading at 127.96 and EUR/JPY trading down 0.03% at 103.16.
Later Wednesday in the U.S., payroll processing firm ADP is to release a report on nonfarm payrolls, a leading indicator of private-sector job creation.
The U.S. is also to publish official data on manufacturing activity in Chicago.
Japan is due to release data on housing starts.