Investing.com

Investing.com - The dollar dipped against the yen on Wednesday but was still supported close to two-week highs set in the previous session on the back of data showing that the U.S. economy is continuing to improve.



USD/JPY edged down 0.09% to 101.89, not far from Tuesday’s two-week highs of 102.13.



The pair was likely to find support at 101.60 and resistance at 102.30.



Demand for the dollar continued to be underpinned after data on Tuesday showed that U.S. durable goods orders rose unexpectedly in April and another report showed that U.S. consumer confidence improved in line with forecasts this month.



The Commerce Department said orders for long lasting manufactured goods rose 0.8%, compared to expectations of a 0.7% decline.



Separately, the Conference Board reported that its consumer conference index rose to 83 in May, up from a revised 81.7 in April, in line with economists’ expectations.



The dollar was steady close to three month highs against the euro as expectations for monetary easing by the European Central Bank continued to pressure the single currency.



EUR/USD was almost unchanged at 1.3633, close to the three month trough of 1.3611 reached during Tuesday’s session.



On Tuesday, ECB President Mario Draghi said the bank was aware of the risks of persistently low inflation and was prepared to take steps to get euro zone inflation back to its target, the latest indication that the bank could ease monetary policy at its upcoming meeting next week.



Elsewhere, the euro slipped against the yen, with EUR/JPY sliding 0.10% to 138.91, holding above the more than three month low of 138.13 plumbed last Wednesday.





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