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Yen gains despite weak wages data, Russia probe eyed

8/4/2017, 9:44:26 AMBasics of Trading
Yen gains despite weak wages data, Russia probe eyed

The yen gained in Asia on Friday despite weak earnings figures with the dollar under pressure on a report of stepped up legal activity into allegations Russia colluded to interfere in the U.S. elections.

Japan reported average cash earnings for June slumped 0.4%, compared with a 0.6% gain seen on year.

Elsewhere, Australia's central bank will release its monetary policy statement with look at the economy and retail sales for the second quarter are seen up 1.2% on quarter and at a 0.2% pace on month.

USD/JPY changed hands at 109.88, down 014%, while AUD/USD traded at 0.7962 up 0.16%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.13% to 92.58.

Overnight, the dollar hit session lows against a basket of global currencies, on the back of a report that the special counsel overseeing the Russia investigation, has impaneled a grand jury in Washington, to investigate Russia interference in the 2016 elections, The Wall Street Journal reported Thursday. Mr Mueller's move to empanel the grand jury is a sign that his probe is intensifying and could stretch "for months," according to the newspaper.

This latest development in the Russia saga is likely to add to recent political uncertainty in Washington after The Senate, earlier in July, rejected an amendment to roll back parts of Obamacare.