Investing.com - The yen was slightly weaker on Friday after consumer prices data from Tokyo showed the core measure down more than expected with attention now riveted on a meeting of central bankers in the U.S. state of Wyoming later in the day with the Fed chief slated to give views.
USD/JPY changed hands at 100.56, up 0.03%, while AUD/USD traded at 0.7624, up 0.08%.
In Japan, national core CPI fell 0.5% year-on-year for July more than the 0.4% decline seen, while national CPI eased 0.4% as expected in data that is now calculated under a 2015 base year with updated weightings. The core reading was the fifth straight drop after a 0.4%decline in June. Retailers are cautious about raising prices in broad sectors after last year's price hikes amid uncertainty over global and domestic growth.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted at 94.68.
The annual economic symposium is in the spotlight with Fed Chair Janet Yellen's opening remarks on Friday at 10 a.m. EST. But while she speaks early in the conference, other central bankers will discuss and consider the future of monetary policy in the aftermath of the financial crisis and in a low interest rate era.
Besides Yellen, three other central bank officials will be speaking at the conference. Bank of Mexico Governor Agustin Carstens, ECB Executive Board Member Benoit Coeure and Bank of Japan Governor Kauhiko Kuroda will participate in a panel discussion Saturday at 12:25 p.m. ET to close the conference.
Overnight, the dollar was little changed against the other major currencies on Thursday, after the release of upbeat U.S. data, as investors were still cautious ahead of Yellen’s highly-awaited speech on Friday.
The Commerce Department said durable goods orders rose by 4.4% last month, compared to expectations for an advance of 3.3%.
June’s orders were revised down to show a decrease of 4.2% from a previously reported 3.9% decline.
Core durable goods orders, which exclude volatile transportation items, rose 1.5% last month, compared to forecasts for a 0.5% gain.
At the same time, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 20 decreased by 1,000 to a five-week low of 261,000 from the previous week’s total of 262,000.
Analysts expected jobless claims to rise by 3,000 to 265,000 last week.
But the greenback remained under pressure as market participants were waiting to see if Yellen will restate the hawkish view of the economy expressed by Fed officials last week or echo the minutes of the Fed’s July meeting, which indicated that officials are divided on when to raise rates. According to Investing.com's Fed Rate Monitor Tool, investors are pricing in an 27% chance of a rate hike by September, up from 12% at the start of last week. December odds were nearly 43%.