Dollar Still Weak Against Yen

The U.S. dollar, even after a recovery from the two and a half year bottom against the Japanese yen, is remaining weak against this Asian currency as the investors worry about the current state of the U.S. economy.
Currently the dollar is trading at 106.74 which is above the yesterday’s minimum of 105.92, but below the today’s open price of 107.62 on USD/JPY.
Jun Kitazawa, head of the foreign exchange division of Brown Brothers Harriman Investment Services comments the current dollar falling trend:

The dollar-selling trend is unchanged, and players are waiting for new trading factors to send the currency lower again.

Today some important economic reports are expected to be released in the United States — housing starts, building permits, weekly jobless claims and Philadelphia’s Fed index. But more important for the American currency can be a Federal Reserve Chairman Ben Bernanke‘s testimony to the congress today.
Other Forex market traders see the short-term future of the dollar as weak and mainly negative as the U.S. economy has been worsening lately.

If you have any questions, comments or opinions regarding the US Dollar,
feel free to post them using the commentary form below.