Yen sharpens decline from 7-week high after trade data

Dollar rose in Asian trade off June 28 lows versus yen, following earlier trade data from Japan and ahead of housing, unemployment data from the US later today. 

As of 05:59 GMT, USD/JPY rose 0.14% to 110.89, with an intraday high at 110.93, and a low at 110.46. 

Earlier Japanese data showed the trade balance registered a surprising deficit of 231 billion yen in July, compared to a surplus of 721 billion in June, while analysts expected a 41 billion surplus. 

The seasonally adjusted reading showed a surplus of 46 billion yen, down sharply from 683 billion, while beating estimates of 21 billion, as imports outstripped exports last month. 

Now investors await US unemployment claims data, expected to have increased 2 thousand to 215 thousand in the week ending August 11, while continuing claims are estimated to have fallen 14 thousand to 1.741 million in the week ending August 4. 

An index tracking the manufacturing sector in Philadelphia is estimated to slow down to 21.9 from 25.7 in July, while housing permits are expected at 1.31 million in July, up 1.4%, as housing starts are estimated at 1.27 million in July, up 7.4%.