NEW YORK/LONDON, June 27 - The yen edged up from a 38-year low against the U.S. dollar on Thursday, helped by softening U.S. economic data, although traders remained on high alert for any signs of Japanese intervention to prop up the currency.
However, the number of people receiving benefits after an initial week of aid increased 18,000 to 1.839 million during the week ending June 15. "This morning's data deluge helped puncture the 'U.S. exceptionalism' trade, knocking the greenback lower," said Karl Schamotta, chief market strategist, at Corpay in Toronto, referring to the U.S. outperformance with respect to the rest of the world.
The Japanese currency has fallen some 2% this month and 12% for the year against a resilient dollar, as it continues to be hammered by stark interest rate differentials between the U.S. and Japan. That has encouraged investors to use the yen as funding currency for carry trades.
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