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Dollar rises vs. yen, euro

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Investing.com - The dollar rose against the yen on Wednesday as better-than-forecast data eased concerns over the U.S. economic recovery and investor focus returned to the impact of the Bank of Japan's aggressive easing program.

During European morning trade, the dollar was higher against the yen, with USD/JPY climbing 0.63% to 98.15.

Data on Tuesday showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is faltering.

The yen retreated from multi-year lows against the dollar and the euro earlier in the week after weaker-than-expected Chinese first quarter growth and historic falls in gold prices enhanced the safe haven appeal of the Japanese currency.

Investors were looking ahead to a meeting of finance ministers and central bank heads from the Group of 20 nations on Thursday and Friday, amid speculation over whether Japan will face criticism over the BoJ's unprecedented easing program.

The dollar edged higher against the euro, with EUR/USD slipping 0.12% to 1.3159.

The dollar gained ground against the pound, with GBP/USD down 0.24% to 1.5323 and was little changed against the Swiss franc, with USD/CHF inching up 0.04% to 0.9228.

The greenback was broadly stronger against its Australian, New Zealand and Canadian counterparts, with AUD/USD dropping 0.38% to 1.0351, NZD/USD losing 0.41% to trade at 0.8459 and USD/CAD rising 0.32% to 1.0243.

Earlier Wednesday, Australia's Treasurer Wayne Swann criticized European leaders for their focus on "mindless austerity" in an interview with the Wall Street Journal.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.29% to 82.12.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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