The yen’s USD/JPY pair gained 0.3% to almost 157.7 per dollar

Asian currencies traded mixed on Tuesday as investors awaited latest developments on proposed Iran-U.S. negotiations, while the yen weakened slightly after rallying on last week’s currency intervention.

The yen’s USD/JPY pair gained 0.3% to almost 157.7 per dollar, with the currency giving back a small portion of its recent gains after surging around 5% over the previous three sessions.

Traders remained wary of further official action after Tokyo and Washington confirmed they had jointly intervened to support the currency for the first time in decades.

Investors also monitored developments in the Middle East after U.S. president said talks with Iran were underway, though Tehran denied any negotiations were taking place or planned.

The conflicting signals kept traders cautious despite easing oil prices, limiting broader moves across Asian foreign exchange markets.

The yuan’s onshore USD/CNY and offshore USD/CNH pairs traded little changed.

The won’s USD/KRW pair edged 0.3% lower.

The Singapore dollar’s USD/SGD pair edged up 0.1%, while the Indian rupee’s USD/INR traded largely flat.

The Australian dollar’s AUD/USD pair gained 0.2%.

The U.S. Dollar Index edged 0.1% higher in Asian trade by 02:48 GMT after closing largely flat overnight.

Elsewhere, investors were also looking ahead to a packed week of U.S. economic data that could provide new clues on the central bank’s policy outlook.

On Tuesday, markets will watch the June JOLTS job openings report and U.S. trade balance and factory orders.

Wednesday brings the ADP private payrolls report for July and the ISM services PMI, followed by weekly initial jobless claims on Thursday.

The week’s main event comes Friday, when the U.S. releases the July nonfarm payrolls report and the unemployment rate, which investors will scrutinize for signs of labour market strength after weaker-than-expected June employment growth.