Yen slips back above 159 versus dollar as Japan GDP slows
The yen gave back early gains on Wednesday, leaving USD/JPY above 159.00 after Japanese GDP data showed slower growth.
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The Japanese yen struggled to hold intraday strength against the US dollar on Wednesday, with USD/JPY moving back above the 159.00 level during European trading. Earlier in the session, the pair had touched daily lows before reversing higher.
A slowdown in Japanese GDP was cited as the key driver behind the yen's retreat. The softer growth backdrop weighed on the currency even as it initially held marginal gains against the dollar.
Traders are watching whether USD/JPY can sustain levels above 159.00 following the data.
Source: FXStreet Forex News