By Suryatapa Bhattacharya

TOKYO--The yen strengthened against the dollar Thursday as the greenback retreated on weak home-sales data in the U.S. and some profit-taking pressure in Japan.

Data from the National Association of Realtors' showed U.S. pending home sales dropped in November, a sign the property market could be losing steam ahead of the new year and dampening enthusiasm that President-elect Donald Trump's incoming administration would boost economic growth.

The dollar was at 116.64 yen, down from Y117.25 late Wednesday in New York.

The dollar has been strengthening since Mr. Trump's election win in November, and some profit-taking pressured down the dollar-yen pair amid year-end dollar demand from Japanese importers, said Koji Fukaya, chief executive of FPG Securities in Tokyo. Importers usually pay for goods purchased overseas at the end of the month, he noted.

Trading volumes have been low due to the holiday season and that made for some volatility in the market, said analysts.

The euro was at $1.0458 as of 0450 GMT, up from $1.0412 late Wednesday in North America, according to EBS. The British pound was at $1.2251, up from $1.2225.

Interbank Foreign Exchange Rates At 00:50 EST / 0450 GMT

Latest Previous %Chg Daily Daily %Chg

Dollar Rates Close High Low 12/31

USD/JPY Japan 116.64-65 117.25-26 -0.52 117.56 116.55 -3.03

EUR/USD Euro 1.0458-61 1.0412-15 +0.44 1.0476 1.0409 -3.69

GBP/USD U.K. 1.2251-53 1.2225-27 +0.21 1.2294 1.2209 -16.86

USD/CHF Switzerland 1.0255-59 1.0281-85 -0.25 1.0288 1.0254 +2.37

USD/CAD Canada 1.3523-28 1.3558-63 -0.26 1.3570 1.3524 -2.26

AUD/USD Australia 0.7206-10 0.7176-80 +0.42 0.7213 0.7168 -1.08

NZD/USD New Zealand 0.6936-42 0.6917-23 +0.27 0.6942 0.6916 +1.55

Euro Rates

EUR/JPY Japan 122.00-04 122.09-13 -0.07 123.16 121.72 -6.71

Write to Suryatapa Bhattacharya at suryatapa.bhattacharya@wsj.com

(END) Dow Jones Newswires

December 29, 2016 01:17 ET (06:17 GMT)

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