Asian session: The yen weakened

The yen weakened for a second day against all its major counterparts on speculation the Group of Seven nations will keep selling the currency to curb its appreciation and help support Japan’s economy.

The yen extended losses after sliding the most against the dollar in six months on March 18 when G-7 members intervened to bring Japan’s currency down from a postwar high and assist the nation’s recovery from its biggest ever earthquake.

The Australian and New Zealand dollars strengthened as Asian stocks rose and Japan made progress in bringing a damaged nuclear power plant under control, giving investors more confidence to buy higher-yielding assets.

The Australian and New Zealand dollars climbed for a second day versus the yen as higher oil prices increased demand for currencies linked to commodities.

Losses in the dollar were tempered after the U.S., U.K. and France launched cruise missiles and airstrikes at targets in Libya and as persisting unrest in the region renewed concerns the turmoil will spread in the Middle East.

EUR/USD: the pair bargained within the limits of $1,4150-$ 1,4180.

GBP/USD: the pair bargained within the limits of $1,6200-$ 1,6250.

USD/JPY: the pair bargained in the field of Y81,00.

US data starts at 1330GMT with the weekly MNI Capital Goods Index, while at 1400GMT, the pace of existing home sales is expected to slow to a 5.15 million annual rate in January after rising 2.7% in the previous month. US data wraps up at 1430GMT with the weekly MNI Retail Trade Index.

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