Yen sags

SINGAPORE: The dollar edged higher against the yen on Wednesday, while the euro held firm near a 5-1/2 month high due to receding concerns about the risks posed by the French presidential election.  The dollar rose 0.3 percent to 111.38 yen, pulling further away from a five-month low of 108.13 yen set on April 17. Improving risk sentiment on reduced concerns over the French presidential elections helped weigh on the yen.

In a sign of the global bullish sentiment, the Nasdaq Composite hit a record high on Tuesday, while the Dow Jones Industrial Average and S&P 500 brushed against recent peaks, bolstered by strong corporate earnings. The focus will be on forthcoming U.S. economic data, especially after a softening in some recent indicators, he added.