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The yen reversed course and eased versus the dollar on Monday, after rising initially as disappointing economic news out of China shored up demand for the safe-haven currency. Chinese investment, factory output and retail sales all missed forecasts, adding to doubts about whether the economy is stabilizing.
Analysts said a near-term focus for the yen is Japan's first-quarter gross domestic product data on May 18. Japan's GDP was expected to have expanded at a scant, annualized rate of 0.2 percent in January-March, according to a Reuters poll, after a 1.1 percent contraction in October-December.
Japan's top government spokesman on Monday denied a weekend media report that Prime Minister Shinzo Abe has decided to delay the sales tax hike.
Data showing that U.S. retail sales rose 1.3 percent last month, their biggest increase in a year, had helped lift the dollar on Friday.
The upbeat figures suggested the U.S. economy was regaining momentum and came after comments from several Federal Reserve officials revealed growing pressure within the central bank to raise rates in the coming months.
EUR/USD: during the Asian session the pair traded in the range of $1.1300-20
GBP/USD: during the Asian session the pair traded in the range of $1.4345-70
USD/JPY: during the Asian session the pair rose to Y109.00
Based on Reuters materials
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