US dollar retreats after weak economic data
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The yen edged up from a 38-year low against the US dollar on Thursday, helped by softening US economic data. Jobless claims for state unemployment benefits dropped 6,000 to 233,000 for the week ended June 22, but 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. New orders for key US-manufactured capital goods unexpectedly fell in May, suggesting business spending on equipment weakened in the second quarter. Non-defense capital goods orders excluding aircraft, a closely-watched proxy for business spending plans, dropped 0.6% last month. Economic growth moderated sharply in the first quarter, with gross domestic product increasing at a slightly upwardly revised 1.4% annualized rate, down from the 3.4% registered in the last three months of 2023. The yen gained 0.2% against the greenback to 160.555 per dollar. The Japanese currency has fallen 2% this month and 12% for the year against a resilient dollar. Traders are nervous over possible intervention from Tokyo, after authorities spent 9.79 trillion yen ($60.94 billion) at the end of April and in early May to push the yen up 5% from its 34-year low of 160.245 then.

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