Forex - Yen holds slightly weaker after CPI data, core comes in flat

Forex - Yen holds slightly weaker after CPI data, core comes in flat
Location: Investing.com - The yen weakened on Friday in Asia after consumer prices data that saw the core measure flat despite expectations for a drop. Japan reported national CPI for January as flat, matching expectations year-on-year and that national core CPI also came in flat, compared to an expected fall of 0.2%. After the data, USD/JPY changed hands at 113.04, up 0.05%, while AUD/USD traded at 0.7231, down 0.08%. Earlier in New Zealand, the trade balance for January came in at a surplus of NZ$3.580 billion year-on-year, below the NZ$3.840 billion figure seen NZD/USD traded at 0.6744, up 0.33%. As well, China reports house prices data for January with a 1.6% gain last reported year-on-year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 97.44, down 0.07%. Overnight, the dollar edged lower against the other major currencies in cautious trade on Thursday, after U.S. data painted a mixed picture of the economy and as investors continued to focus on the oil market. The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending February 20 increased by 10,000 to 272,000 from the previous week’s total of 262,000. Analysts expected jobless claims to rise by 8,000 to 270,000 last week. Separately, the U.S. Commerce Department said that total durable goods orders rose by 4.9% last month, blowing past forecasts for a rise of 2.5%. Core durable goods orders, which exclude volatile transportation items, increased by 1.8% in January, easily surpassing expectations for a gain of 0.2%. Meanwhile, oil prices held above $31 a barrel but concerns over a supply glut persisted after weekly stockpile data released on Wednesday showed that U.S. oil inventories rose to an all-time high last week.

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