Yen hits seven-week high against dollar

Dollar fell to June 28 lows against yen in Asian trade, after marking two consecutive weeks of losses, amid a market lull with no data releases from Japan or the US today. 

As of 05:51 GMT, USD/JPY fell 0.53% to 110.24, with a seven-week low at 110.11, and a session-high at 110.75. 

Japanese data released last week showed the preliminary GDP reading with a 0.5% growth rate in the second quarter, the best in a year, and beating estimates of 0.3%, while growing 1.9% on a yearly basis, compared to a 0.6% drop in the previous quarter and beating estimates of a 1.4% expansion rate. 

An index tracking GDP prices rose 0.1%, slowing down from 0.5% in the first quarter but edging forecasts of no-change.

Producer prices rose by an excellent 3.1% y/y last month, the best since December 2017 and up from 2.8% in June, while beating estimates of 2.9%. 

From the US last week, consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 

On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%.