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Yen firmer but Asia currencies mostly softer against the dollar

Japan’s yen was the outlier in Asia forex trading on Wednesday as most major currencies in the region ceded ground to the greenback.

Japan’s yen strengthened as much as 0.6 per cent to ¥112.5 per dollar, its firmest level in nine days.

The South Korean won was down 0.2 per cent at Won1,118.3 per dollar after firming 0.7 per cent on Tuesday, though the currency was still 0.8 per cent stronger this week following the election of President Moon Jae-in.

The Australian dollar was also off 0.2 per cent against its US counterpart at $0.7412 following data showing consumer confidence had deteriorated in April, with a slight recovery derailed by flat wage price data.

Outside the region, Mexico’s peso was faring worst among major currencies, down 0.2 per cent at 18.6765 per dollar.

The dollar index tracking the greenback against a basket of peers was down 0.1 per cent at 98.05.