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Inflation data supports yen as dollar’s rise weighs on other currencies

Major currencies found themselves on the back foot as the dollar edged higher during morning trade in Asia.

The dollar index was up 0.1 per cent at 97.365, but its flat performance earlier on in Friday’s session led to a mixed performance among other currencies.

The Japanese yen managed to resist the greenback’s advance, and was 0.2 per cent firmer today at ¥‎111.63 per dollar. Also helping were data today that showed headline consumer prices rose in line with expectations during April.

Weakest among the major currencies was the British pound, down 0.5 per cent to $1.2884. The Australian dollar dropped 0.3 per cent to $0.7429 as prices for oil and iron ore took a tumble.

The euro was down 0.1 per cent at $1.1196 on Friday, but closed at an eight-month high on Monday.