Yen Extends Rise Amid Rising Risk Aversion
April 28 2016 - 09:39PM
RTTF2
The Japanese yen continued to be strong against the other major
currencies in the Asian session on Friday amid rising risk
aversion, following the sell-off on Wall Street overnight and as
the Bank of Japan (BOJ) shocked financial markets by keeping its
monetary policy steady despite multiple headwinds plaguing the
economy.
Crude oil for June delivery are currently down $0.03 to $46.00 a
barrel. Oil prices fell, as output in the Middle East may slow rise
in April, even though U.S. crude production and U.S. dollar fall
are backing support.
The Japanese market is closed for Showa day holiday.
Thursday, the yen rose 2.79 percent against the euro, 2.58
percent against the pound, 3.00 percent against the yen and 2.56
percent against the franc.
In the Asian trading, the yen rose to nearly a 2-week high of
121.89 against the euro, a 1-week high of 156.71 against the pound
and nearly a 2-1/2-year high of 111.01 against the Swiss franc,
from yesterday's closing quotes of 122.69, 157.84 and 111.81,
respectively. If the yen extends its uptrend, it is likely to find
resistance around 120.00 against the euro, 151.00 against the pound
and 110.00 against the franc.
Against the U.S, the Australian, the New Zealand and the
Canadian dollars, the yen advanced to a 1-1/2-year high of 107.08,
more than a 2-week high of 81.73, nearly a 2-week high of 74.76 and
a 10-day high of 85.39 from yesterday's closing quotes of 108.08,
82.38, 75.18 and 86.08, respectively. The yen may test resistance
near 106.00 against the greenback, 80.00 against the aussie, 73.00
against the kiwi and 83.00 against the loonie.
Looking ahead, German retail sales data for March is due to be
released in the pre-European session at 2:00 am ET.
Swiss KOF leading indicator for April, BOE U.K. mortgage
approvals for March, U.K. M4 money supply data for March, Eurozone
core CPI data for April, preliminary eurozone GDP data for the
first quarter and eurozone unemployment data for March are slated
for release later in the day.
In the New York session, Canada GDP data for February,
industrial product and raw materials price indexes for March, U.S.
personal income and spending data for March, U.S. Chicago PMI for
April and the University of Michigan's final U.S. consumer
sentiment index for April are set to be published.
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