Investing.com - The Japanese yen gained slightly in Asia on Wednesday in a light data day with the focus on slumping crude prices and a weak commodity complex.
USD/JPY traded at 117.80, down 0.11%, while AUD/USD changed hands at 0.8172, up 0.08%. EUR/USD traded at 1.1779, up 0.05%.
New York Mercantile Exchange benchmark West Texas Intermediate crude oil prices fell 0.44% in early Asia to $46.11 a barrel
Overnight, the dollar was close to recent 12 year highs against the other major currencies on Tuesday as oil prices continued to crumble, fuelling fears over disinflation and weighing on market sentiment.
Crude oil prices fell to almost six-year lows on Tuesday, with the latest selloff coming after OPEC said it will not cut output despite a global supply glut. The rout in oil prices has fuelled concerns of exacerbating already low levels of inflation in many major world economies, including the euro zone.
The euro was close to nine-year lows.
Data last week showed that consumer prices in the euro area fell in December for the first time since October 2009. The decline in inflation fuelled expectations that the European Central Bank could implement quantitative easing measures as soon as its next meeting on January 22.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.04% to 92.48 on Wednesday.