Yen surges slightly after better than expected provisional PMI
On Friday, the Japanese yen reversed earlier weakness and earned moderately during Asia trade as a manufacturing gauge demonstrated a sort of revival.
Japan posted the provisional manufacturing PMI for July at 49.0, which is better than the expected value of 48.3, and even higher than June’s outcome of 48.1, although still below expansion.
The currency pair USD/JPY was worth 105.83, showing a 0.03% dip, while AUD/USD hit 0.7474, slumping 0.25%. The common currency sagged 0.03%, trading at 1.1023.
The US dollar index, traditionally measuring the greenback’s power against six major currencies, ascended 0.02%, being worth 96.96.
Overnight, the major American currency pared losses against the other key counterparts because a stronger American housing sector data gave support, while upbeat remarks by Mario Draghi, ECB governor failed to ease global growth worries.
Data showed that American existing home sales surged by 1.1% in June to approximately 5.57 million units from May’s outcome of 5.51 million units and it was revised from the initial reading of about 5.53 million.