Japanese yen rises against dollar, shrugs off weak economic data

Japanese yen rose against US dollar on Tuesday despite weaker than expectations economic data in Tokyo, amid dollar's decline as a result of widespread speculations about the Fed's rate cut.

US dollar has been under intense pressure this week since Federal Reserve Chairman Jerome Powell testified before Congress in which he stressed the existence of pressures and uncertainties that pose a threat to the US economy.

Powell said that these factors include the US-China trade dispute and also the slowing growth of the global economy.

Japan's industrial output fell by 2% last month, while analysts expected the index to rise by 2.3%.

The stock and bond markets will be closed in Tokyo on Monday July 15th in observance of the "Marine Day".

In terms of trade, by 18:55 GMT, USD/JPY fell by 0.6% to 107.8, with the highest at 108.6 and the lowest at 107.8.