Investing.com - The dollar was down against the yen Wednesday, and was broadly lower against the other major currencies as greenback’s weakness against the yen weighed.
During European later morning trade, the dollar fell against the yen, with USD/JPY dropping 0.59% to 101.72.
The yen strengthened against the dollar, regaining ground after the previous day’s 1.4% decline, after Japanese stocks fell during a volatile session.
Demand for the dollar continued to be supported by expectations that the U.S. central bank is moving closer to unwinding its USD85 billion-a-month asset purchase program.
Stronger-than-expected data on U.S. consumer confidence and house prices on Tuesday bolstered the outlook for the economic recovery.
Elsewhere, the euro was higher against the dollar, with EUR/USD climbing 0.24% to 1.2885.
In Germany, official data on Wednesday showed that the number of people out of work rose by 21,000 in May, much more than the 5,000 increase expected. Germany’s unemployment rate was unchanged at 6.9%, in line with expectations.
The dollar was hovering close to 11-week highs against the pound, with GBP/USD dipping 0.07% to 1.5028.
The pound came off session highs after a report by the Confederation of British Industry said its retail sales index fell to a 13-month low in May.
The dollar was lower against the Swiss franc, with USD/CHF down 0.55% to 0.9715.
The greenback was mixed against its Australian, New Zealand and Canadian counterparts, with AUD/USD falling 0.41% to 0.9715, NZD/USD edging up 0.02% to 0.8079 and USD/CAD inching up 0.06% to trade at 1.0402.
The Australian dollar slumped to one-and-a-half year lows earlier in the session after the International Monetary Fund lowered its growth forecast for the Chinese economy this year.
Meanwhile, official data showed that Australian construction work fell 2% in the first quarter, compared to expectations for a 1% increase.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.25% to 84.12.
Germany was to release official data on consumer inflation later in the trading day.
