Investing.com - The dollar fell to three-day lows against the yen on Wednesday after weak Chinese trade data for June fuelled concerns over the outlook for global growth, bolstering safe haven demand for the yen. USD/JPY hit 100.30 during late Asian trade, the pair’s lowest since July 5; the pair subsequently consolidated at 100.51, shedding 0.61%. The pair was likely to find support at 99.88, the low of July 5 and resistance at 101.29, Tuesday’s high. Official data on Wednesday showed that Chinese exports fell unexpectedly in June, fuelling concerns over a slowdown in global demand. Imports were also lower, indicating that domestic demand was weakening. The report said exports were down 3.1% on a year-over-year basis after a 1% rise in May, missing expectations for a rise of 4%. Imports were down 0.7% from a year earlier, after falling 0.3% in May, confounding analysts’ expectations for a 8% increase. Demand for the dollar continued to be underpinned by expectations that the Federal Reserve will start to unwind stimulus measures as the economy continues to pick up. Elsewhere, the yen was higher against the euro, with EUR/JPY down 0.54% to 128.59. The single currency remained under pressure after a senior European Central Bank policymaker said Tuesday that the bank’s forward guidance on interest rates extended beyond 12 months. The comments came after ECB President Mario Draghi said last week that rates would remain at low levels for an “extended� period, amid ongoing weakness in the euro zone economy.

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