Yen Rises As Most Asian Stock Markets Traded Lower
06 Juillet 2017 - 5:54AM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Thursday, after Asian stock markets mostly
traded lower as investors digested the minutes of the U.S. Federal
Reserve's most recent meeting and the overnight plunge in crude oil
prices.
The Federal Reserve plans to reduce its bloated balance sheet,
but failed to provide a specific timeline to begin the process, the
minutes of the June Federal Open Market Committee showed.
Crude oil futures tumbled Wednesday, snapping an eight-day
winning streak amid signs that OPEC's supply quota plan may be
falling apart.
Wednesday, the yen showed mixed trading against its major
rivals. While the yen fell against the euro, the U.S. dollar and
the Swiss franc, it held steady against the pound.
In the Asian trading, the yen rose to a 3-day high of 127.99
against the euro, from yesterday's closing value of 128.54. The yen
may test resistance around the 125.00 region.
Against the pound and the Swiss franc, the yen advanced to
146.05 and 117.01 from yesterday's closing quotes of 146.46 and
117.47, respectively. If the yen extends its uptrend, it is likely
to find resistance around 143 against the pound and 115 against the
franc.
Against the U.S. and the Canadian dollars, the yen edged up to
112.89 and 87.03 from yesterday's closing quotes of 113.25 and
87.39, respectively. The yen is likely to find resistance around
111 against the greenback and 85 against the loonie.
In today's events, Swiss CPI data and German construction PMI
data, both for June, are due to be released later in the day.
At 6:00 am ET, European Central Bank executive board member
Peter Praet is scheduled to participate in International Conference
of Commercial Bank Economists (ICCBE) 2017 in Paris.
At 7:30 am ET, European Central Bank's monetary policy meeting
accounts of its latest monetary policy meeting is set to be
published.
In the New York session, U.S. jobs data for June, trade data for
May, U.S. weekly jobless claims for the week ended July 1, U.S.
Markit's services PMI for June, U.S. ISM non-manufacturing PMI data
for June, U.S. crude oil inventories data, Canada building permits
for May, and trade data for May are slated for release.
At 10:00 am ET, Federal Reserve Governor Jerome Powell is
expected to deliver a speech titled "The Case for Housing Finance
Reform" at the American Enterprise Institute, in Washington DC.
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