Yen Slides Amid Risk Appetite On Easing Trade Worries
21 Mai 2018 - 05:16AM
RTTF2
The Japanese yen slipped against its major counterparts in Asian
deals on Monday amid risk appetite, as the U.S. and China agreed to
set up a framework for addressing trade imbalances in the future,
helping ease fears of a looming trade war.
U.S. Treasury Secretary Steven T. Mnuchin signaled a more
cooperative path for trade deals with China as Beijing reportedly
promised to ramp up purchases of American goods and services to
reduce the trade deficit.
Mnuchin said that both sides had agreed to suspend the
imposition of tariffs against each other.
Data from the Ministry of Finance showed that Japan logged a
merchandise trade surplus of 626.0 billion yen in April.
That exceeded expectations for a surplus of 440.0 billion yen
following the downwardly revised 797.0 billion yen surplus in
March.
The yen fell to more than a 4-month low of 111.37 against the
greenback and near a 4-week low of 111.46 against the franc, from
its early highs of 110.82 and 111.03, respectively. On the
downside, 114.00 and 113.00 are likely seen as the next support
levels for the yen against the greenback and the franc,
respectively.
The yen slipped to 130.86 against the euro and 149.65 against
the pound, off its previous highs of 130.38 and 149.10,
respectively. If the yen continues its fall, 133.00 and 153.00 are
possibly seen as its next support levels against the euro and the
pound, respectively.
Reversing from an early high of 86.03 against the loonie, the
yen weakened to 86.52. The next possible support for the yen is
seen around the 88.00 level.
The yen dropped to near a 5-week low of 83.74 against the
aussie, coming off from an early high of 83.32. Next key support
for the yen is likely seen around the 85.00 level.
The yen fell back to 76.83 against the kiwi, just few pips short
of its early Asian session's more than 2-week low of 76.86. The yen
is likely to find support around the 78.00 level.
Data from Statistics New Zealand showed that New Zealand retail
sales rose a seasonally adjusted 0.1 percent on quarter in the
first three months of 2018.
That was shy of expectations for a gain of 1.0 percent and down
from the downwardly revised 1.4 percent in the three months
prior.
Looking ahead, at 12:15 am ET, Atlanta Fed President Raphael
Bostic speaks about the economic outlook and price-level targeting
at the Atlanta Economics Club.
Euro vs Yen (FX:EURJPY)
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Euro vs Yen (FX:EURJPY)
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