USD/JPY fell in Asian trade to March 12 lows on track for a monthly loss, following earlier industrial data from Japan and ahead of US data. 

As of 06:04 GMT, USD/JPY fell 0.35% to 104.36, with a five-month trough at 104.19. 

Earlier Japanese data showed industrial output rose 1.7% in June, compared to a 8.9% drop in May. 

Unemployment in Japan fell to 2.8% from 2.9%, while the consumer sentiment index rose to 29.5 from 28.4. 

From the US, personal spending is expected up 5.3%, slowing down from 8.2% in May, while personal income is expected down 0.8%. 

US labor unit costs are expected up 0.6%, slowing down from 0.8% in the first quarter, while the Chicago PMI is expected up to 44 from 36.6. 

University of Michigan's consumer confidence survey is expected down to 72.9 from 78.1 in June. 

The US Federal Reserve voted on Wednesday to maintain rates near zero while asserting its readiness to use all available tools to bolster the economy against the pandemic.

The Fed stressed after its 2-day meeting that a full economic recovery will depend on containing the coronavirus pandemic.

Most of the US stock indices fell on Thursday, but Wall Street was lifted by the tech sector after digesting the weak economic data.

The advance reading of the US GDP showed a contraction of 32.9% in the second quarter, the largest contraction in a second quarter ever.

Additionally, the weekly unemployment claims rose 12,000 to 1.434 million during the past week, compared to forecasts of 1.5 million.

Several major tech companies reported upbeat earnings for the second quarter after the session closed, which pushed investors towards their shares.

Otherwise, the total number of coronavirus infections surpassed 17 million cases worldwide, including 11 million cases that have recovered.

To the oil market, West Texas Intermediate crude fell 3.3% to close at $39.92 a barrel (the first close below $40 since July 9), after it hit a day high of $41.3 and a low of $38.7.

Brent fell 1.9% to $42.94 a barrel, with a high of $43.8 and a low of $41.3.

As for stocks, Dow Jones fell 0.8% or 226 points to close at 26,313, after it hit a day high of 26,374 and a low of 25,992.

S&P 500 fell 0.4% or 12 points to 3,246, after it hit a day high of 3,250 and a low of 3,204 points.

Nasdaq rose 0.4% or 45 points to 10,588 points, with a high of 10,609 and a low of 10,412.

The Japanese yen tilted higher against most currencies on Thursday, after the release of better-than-expected economic data.

The data showed that the Japanese retail sales index fell only 1.2% in June, vs. forecasts of 6%, and a drop of 12.5% ​​in May.

Japan has reported an increase in coronavirus infections recently, which raised fears over a second wave of the deadly virus.

This came after the British government warned about a second wave of infections in European countries, in addition to a spike in infections at a record pace in Australia and some US states.

This raised fears over the return of the lockdown restrictions again, as the total number of infections surpassed 17 million cases worldwide.

As of 19:51 GMT, USD/JPY fell 0.1% to 104.8, after hitting a day high of 105.2 and a low of 104.8.

Gold futures fell on Thursday, after a 9-day winning streak, which is the longest gaining streak since January, despite the US dollar's drop against most currencies and the release of weak economic data.

The advance reading of the US GDP showed a contraction of 32.9% in the second quarter.

Additionally, the weekly unemployment claims rose 12,000 to 1.434 million during the past week, compared to forecasts of 1.5 million.

The dollar index fell against a basket of currencies by 0.4% to 93.1 points as of 19:21 GMT, after it hit a high of 93.6 and a low of 93.04.

Gold August futures fell 0.6%, to close at $1,942.3 an ounce, after hitting a day high of $1,965.1 and a low of $1,930.