Dollar weakens after soft data but Yen still struggling

The dollar faced pressure following U.S. economic data that indicated slowing growth. Despite this, the yen remained weak, pinned near a 38-year low, prompting concerns about possible government intervention. The euro stayed close to a three-week high against the dollar, while sterling strengthened ahead of UK elections.

Recent U.S. economic data, including a weak services report and a disappointing ADP employment report, painted a picture of a slowing economy. Initial applications for U.S. unemployment benefits also increased. The U.S. economy is showing signs of slowing, with the labour market beginning to exhibit slackness, along with easing activity and inflationary pressures.

Read more to find out why Yen still struggling.