Yen Weakens Amid Risk Appetite
12 Juillet 2018 - 8:33AM
RTTF2
The Japanese yen slipped against its major opponents in the
early European session on Thursday, as European shares rose on
expectations that the U.S. threats to expand tariff hikes is bluff
and bluster and trade agreements will ultimately be reached.
Bloomberg reported late Wednesday that China and the U.S are
showing some willingness to resume high-level trade talks, which
could resolve the trade spat between the world's biggest
economies.
Traders await consumer price inflation figures later in the day.
This follows a day after strong producer inflation report boosted
hopes for two more hikes by the Fed this year.
Oil steadied after going into free fall on Wednesday amid trade
tensions and supply concerns, as Libya resumed production and Saudi
Arabia reported a big jump in output for June.
The yen dropped to near a 2-month low of 148.66 against the
pound, more than 5-month low of 112.46 against the greenback,
4-month low of 112.97 against the franc and more than a 2-month low
of 131.39 against the euro, from its early highs of 147.79, 111.92,
112.35 and 130.67, respectively. The yen is likely to find support
around 152.00 against the pound, 133.00 against the euro and 114.00
against both the greenback and the franc.
The yen declined to 85.24 against the loonie, its lowest since
June 6. On the downside, 87.00 is likely seen as the next support
level for the yen.
The yen fell to 2-day lows of 76.11 against the kiwi and 83.05
against the aussie, off its previous highs of 75.55 and 82.39,
respectively. The next possible support for the yen is seen around
78.00 against the kiwi and 84.00 against the aussie.
Looking ahead, Canada new housing price index for May, U.S.
weekly jobless claims for the week ended July 7, consumer prices
and monthly budget statement for June are scheduled for release in
the New York session.
Sterling vs Yen (FX:GBPJPY)
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