The safe haven currencies such as the yen and the U.S. dollar weakened against their major currencies in the Asian session on Friday, as risk appetite rose, amid a rebound in Chinese stocks for a second day and optimism concerning Greece.
Greece inched closer to a deal with its creditors. The Hellenic nation has submitted a new bailout reform plan to its creditors in a last-ditch effort to save its economy as well as its place in the eurozone.
In the proposal, the Greek Prime Minister Alexis Tsipras submitted a three-year bailout loan of 53.5 billion euros ($59.2 billion).
The Greek government said the proposals would be scheduled for an emergency vote in parliament tonight, ahead of Sunday's emergency summit of all 28 European Union leaders.
Early buying interest was also generated by optimism about the deal between Greece and its creditors after the debt-laden nation promised to implement pension and tax reforms to win fresh aid.
However, the positive sentiment was partly offset by news that the International Monetary Fund lowered its forecast for global economic growth in 2015. The IMF said it expects the global economy to grow by 3.3 percent this year compared to its previous forecast for 3.4 percent.
The IMF also warned that the problems in China and Greece cloud the outlook.
In other economic news, data from the Bank of Korea showed that Japan's corporate service price index was down 0.2 percent on month in June. That missed forecasts for an increase or 0.1 percent following the downwardly revised 0.2 percent increase in May.
On a yearly basis, prices dipped 2.4 percent, shy of expectations for a fall of 2.2 percent, which would have been unchanged from the previous month.
Thursday, both the yen and the U.S. dollar showed mixed trading against their major rivals. While the yen and the greenback fell against the euro, they held steady against the pound. Against the Swiss franc, the yen held steady and the greenback rose.
In the Asian trading today, the yen fell to a 3-day low of 135.42 against the euro, from yesterday's closing value of 133.86.
Against the pound and the Swiss franc, the yen dropped to 2-day lows of 187.86 and 128.96 from yesterday's closing quotes of 186.46 and 127.88, respectively. If the yen extends its downtrend, it is likely to find support around 138.00 against the euro, 192.00 against the pound and 132.00 against the franc.
The yen dropped to a 1-week low of 82.54 against the NZ dollar and a 3-day low of 91.44 against the Australian dollar, from yesterday's closing quotes of 81.74 and 90.32, respectively. The yen may test support near 85.00 against the kiwi and 95.00 against the aussie.
Against the U.S. and the Canadian dollars, the yen slipped to 2-day lows of 122.03 and 96.16 from yesterday's closing quotes of 121.30 and 95.44, respectively. On the downside, 125.00 against the greenback and 99.00 against the loonie are seen as the next support level for the yen.
The U.S. dollar fell to nearly a 2-week low of 0.6770 against the NZ dollar and a 3-day low of 0.7495 against the Australian dollar, from yesterday's closing quotes of 0.6736 and 0.7444, respectively. If the greenback extends its downtrend, it is likely to find support around 0.69 against the kiwi and 0.77 against the aussie.
Against the euro, the pound and the Swiss franc, the greenback dropped to 1.1103, 1.5406 and 0.9459 from yesterday's closing quotes of 1.1032, 1.5377 and 0.9473, respectively. The greenback may test support near 1.14 against the euro, 1.57 against the pound and 0.92 against the franc.
The greenback edged down to 1.2681 against the Canadian dollar, from yesterday's closing value of 1.2703. On the upside, 1.24 is seen as the next support level for the greenback.
Meanwhile, the euro and the Australian dollar rose against their major currencies. The Australian dollar also rose by a rebound in commodity prices overnight.
The euro advanced to 0.7209 against the pound and 1.0503 against the Swiss franc, from yesterday's closing quotes of 0.7168 and 1.0454, respectively. The euro may test resistance near the 0.74 region.
Moving away from an early near 2-week low of 1.6342 against the NZ dollar, the euro appreciated to 1.6440. At yesterday's close, the euro was trading at 1.6518 against the kiwi. If the euro extends its uptrend, it is likely to find resistance around 1.06 against the franc and 1.67 against the kiwi.
Against the Canadian dollar, the euro edged up to 1.4089 from yesterday's closing quote of 1.4017. On the upside, 1.44 is seen as the next resistance level for the euro.
The aussie rose to 1.4797 against the euro, from yesterday's closing value of 1.4811. If the aussie extends its uptrend, it is likely to find resistance around the 1.44 area.
Data from the Australian Bureau of Statistics showed that the total number of home loans in Australia was down a seasonally adjusted 6.1 percent on month in May. That missed forecasts for a decline of 3.0 percent following the 0.7 percent gain in April.
Investment lending eased 3.2 percent in May to A$13.036 billion, after adding 3.0 percent a month earlier.
Against the Canadian dollar, the aussie appreciated to 0.9510 from yesterday's closing quote of 0.9455. The aussie may test resistance near the 0.96 region.
Moving away from an early near 1-month low of 1.1016 against the NZ dollar, the aussie edged up to 1.1089. At yesterday's close, the aussie was trading at 1.1034 against the kiwi. On the upside, 1.15 is seen as the next resistance level for the aussie.
Looking ahead, U.K. construction output and trade balance for May are slated for release in the European session.
In the New York session, U.S. wholesale inventories for May and Canada unemployment data for June are set to be announced.
At 8:00 am ET, U.S. Treasury Secretary Jack Lew participates in Politico/Nasdaq conversation, "America's Fiscal Future", in New York.
At 11:35 am ET, Federal Reserve Bank of Boston President Eric Rosengren is expected to speak before the Annual Rocky Mountain Economic Summit hosted by the Global Interdependence Center in partnership with the Bronze Buffalo Foundation, in U.S.
Subsequently, Federal Reserve Chair Janet Yellen is expected to speak about the economic outlook at the City Club of Cleveland's Sally Gries Forum Honoring Women of Achievement, in Cleveland, U.S. at 12:30 pm ET.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.