By Suryatapa Bhattacharya
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 (http://www.marketwatch.com/story/pending-home-sales-fall-25-in-november-as-trump-win-raises-mortgage-costs-2016-12-28), 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 Yen116.64 yen, down from YenY117.25 late Wednesday in New York.
The dollar has been strengthening since 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, up from $1.0412 late Wednesday in North America, according to EBS. The British pound was at $1.2251, up from $1.2225.
(END) Dow Jones Newswires
December 29, 2016 01:30 ET (06:30 GMT)
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