The U.S. dollar pushed higher against the yen on Wednesday, boosted by the release of upbeat U.S. economic reports and as ongoing concerns over Greece's financial situation lent broad support to the greenback.
USD/JPY hit 123.23 during U.S. morning trade, the pair's highest since June 26; the pair subsequently consolidated at 123.16, advancing 0.53%.
The pair was likely to find support at 121.91, Tuesday's low and a one-month low and resistance at 123.44, the high of June 22.
Oil prices fell to session lows Wednesday after data showing an unexpected build in U.S. oil stockpiles added to concerns over a global supply glut. On the New York Mercantile Exchange, crude oil for August delivery was last down 2.81% to $57.75 a barrel, from around $58.27 ahead of the report.
U.S. construction spending rose in May to its highest level in just over 6-1/2-years as outlays increased across the board, the latest sign of momentum
Construction spending increased 0.8 percent to an annual rate of $1.04 trillion, the highest level since October 2008, the Commerce Department said on Wednesday.
April's outlays were revised slightly to show a 2.1 percent gain instead of the previously reported 2.2 percent rise.The U.S. dollar pushed higher against the yen on Wednesday, boosted by the release of upbeat U.S. economic reports and as ongoing concerns over Greece's financial situation lent broad support to the greenback.
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