Yen Slips as US Yields Rebound Ahead of Key Global Data

The Japanese Yen has slipped in value as firmer US yields lifted the US Dollar ahead of key global PMIs. The rebound in US Treasury yields and a solid jobless claims print have contributed to the recovery of the Greenback.

The US Dollar Index (DXY) recovered back toward the 98.90 area after touching its weakest level since mid-May, while the Japanese Yen is the day's weakest major currency due to high Oil prices.

Japan imports almost all of its energy, making it vulnerable to fluctuations in global oil prices. The country's July trade figures showed a significant increase in imports due to higher energy costs, resulting in a sizeable trade deficit.