Investing.com - The dollar fell against the yen on Friday after
U.S. inflation data convinced investors the Federal Reserve won't
rush to unwind monetary stimulus measures that weaken the greenback
In U.S. trading on Friday, USD/JPY was trading at 95.36, down
0.78%, up from a session low of 95.08 and off a high of 96.28.
The pair was likely to find resistance at 96.28, the earlier high,
and support at 95.08, the earlier low.
In the U.S., the country's consumer price index rose 0.7% in
February from January, more than market calls for a 0.5% increase.
The U.S. core consumer price index, which is stripped of volatile
food and energy costs, rose 0.2% in February, in line with
Investors viewed inflation rates as contained, and sold the dollar
for profits on sentiments that while the Federal Reserve will
eventually wind down stimulus measures one day, the U.S. central
bank won't rush to tighten monetary policy
Falling consumer sentiment numbers cemented such views.
The Thomson Reuters/University of Michigan's preliminary consumer
sentiment reading for March came to 71.8, the lowest since December
of 2011 and well below analysts' calls for a 78.0 reading.
The dollar also saw downward pressure after E.U. policymakers took
a more relaxed approach to austerity measures.
At a summit earlier, E.U. leaders granted countries such as France,
Spain and Portugal extra time to narrow deficits, which gave the
single currency room to rise.
Elsewhere, E.U. and International Monetary Fund officials were
outlining a financial assistance package for Cyprus, which further
pushed up the single currency as did data on both sides of the
The yen, meanwhile was up against the pound and up against the
euro, with GBP/JPY down 0.73% and trading at 143.87 and EUR/JPY
trading down 0.41% at 124.47.
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