Asian session: The yen strengthened against most of its major peers

The yen strengthened against most of its major peers after Japan cut its economic assessment and as analysts forecast Spanish data will confirm gross domestic product contracted for a third consecutive quarter. Japan’s government downgraded its assessment of the world’s third-biggest economy for the first time in 10 months. Risks include a “further slowing down of overseas economies and sharp fluctuations in the financial and capital markets,” the Cabinet Office said in a monthly report today.

The Dollar Index (DXY) remained higher following a two-day advance before Federal Reserve Chairman Ben S. Bernanke speaks on Aug. 31 at a conference in Jackson Hole, Wyoming. A gauge of U.S. consumer confidence probably rose to 66 in August, the highest since April, from 65.9 last month, a separate poll of economists showed. The Conference Board is scheduled to release the data today.

New Zealand’s dollar, also known as the kiwi, weakened for a second day against the yen. The payout to farmer shareholders in the year ending May 2013 will be 13 percent less than a year earlier, according to a statement today from Auckland-based Fonterra, the world’s largest dairy exporter.

EUR / USD: during the Asian session the pair fell updating week's low.

GBP / USD: during the Asian session the pair fell to $ 1.5750.

USD / JPY: during the Asian session the pair fell to Y78.50.