FX Update: The dollar traded firmer against the yen
FX Update: The dollar traded firmer against the yen, Canadian and Australian dollars, but lost ground against other currencies, most notably the pound, which was bid up following a batch of above-forecast UK data. USD-JPY was showing a 0.6% gain as of the early European PM session, at 112.64. A backdrop of rising European equity bourses saw the yen weaken, in accordance with its historical inverse correlation with risk appetite. An abatement in concerns about Italy's upcoming referendum on constitutional reforms buoyed sentiment in European stock markets (on the view that a technocratic government would replace PM Renzi if he loses). The euro traded mixed, gaining versus the yen, losing ground to the pound while holding near net unchanged relative to the dollar.