Yen Rises Amid BoJ Rate Hike Uncertainty
15 Octobre 2024 - 9:57AM
RTTF2
The Japanese yen strengthened against other major currencies in
the European session on Tuesday, following Bank of Japan Governor
Kazuo Ueda's dovish remarks and incoming Prime Minister Shigeru
Ishiba's unexpected resistance to additional rate increases.
Optimism about the U.S. economic outlook, rising bets that the
Bank of Japan will forgo raising interest rates again this year,
also bolstered the trader's sentiment.
Prime Minister Shigeru Ishiba reportedly said his government is
aiming to compile a supplementary budget for the current fiscal
year in excess of last year's 13.1 trillion yen ($87.6 billion) to
fund an economic support package.
Fed Governor Christopher Waller on Monday signaled that future
U.S. Fed interest rate cuts will be less aggressive than the big
move in September, following mixed data points in recent days.
In economic news, data from the Ministry of Economy, Trade, and
Industry showed that Japan's industrial production decreased as
initially estimated in August. Industrial production contracted 3.3
percent on a monthly basis, reversing a 3.1 percent rebound in
July. That was in line with the flash data published earlier.
Year-on-year, industrial production declined 4.9 percent in
August versus a 2.9 percent rise in the prior month.
In the European trading today, the yen rose to 4-day highs of
162.37 against the euro and 148.85 against the U.S. dollar, from
early lows of 163.36 and 149.79, respectively. The yen may test
resistance near 157.00 against the euro and 142.00 against the
greenback.
The yen advanced to a 6-day high of 172.80 against the Swiss
franc, from an early low of 173.69. On the upside, 168.00 is seen
as the next resistance level for the yen.
Against Australia, the New Zealand and the Canadian dollars, the
yen climbed to a 5-day high of 99.94, a 4-day high of 90.60 and
nearly a 2-week high of 107.81 from early lows of 100.77, 91.22 and
108.50, respectively. If the yen extends its uptrend, it is likely
to find resistance around 98.00 against the aussie, 88.00 against
the kiwi and 104.00 against loonie.
The yen edged up to 194.65 against the pound, from an early low
of 195.68. The next possible upside target for the yen is seen
around the 190.00 region.
Looking ahead, Canada CPI data for September, U.S. NY Empire
State manufacturing index for October, U.S. Redbook report and U.S.
consumer inflation expectations for September are set to be
released in the New York session.
CHF vs Yen (FX:CHFJPY)
Graphique Historique de la Devise
De Nov 2024 à Déc 2024
CHF vs Yen (FX:CHFJPY)
Graphique Historique de la Devise
De Déc 2023 à Déc 2024