Steady Dollar Sends Yen to the Brink of 160

The dollar was firm on Wednesday and trading on the precipice of the 160 yen barrier as investors turned cautious and counted down to the release of US price data at the end of the week. The euro eased marginally overnight and was steady at $1.0708 in Asia trade. At 159.71 per dollar, the yens level has markets on alert since that is only a whisker shy of where Japanese authorities likely stepped in to buy yen in April. A surprise jump in Canadian inflation that showed up in data released on Tuesday also injected some nerves into otherwise placid foreign exchange trade, sending the Canadian dollar briefly spiking to a three-week high. The Australian dollar dipped 0.1% to $0.6640 and the New Zealand dollar similarly slipped to $0.6115, with small moves reflecting thin trade. Sterling was steady at $1.268. The yuan has hugged the low side of its band for months and was last at 7.2884 per dollar in offshore trade. Source: Qatar News Agency