Japanese Yen Climbs On Coronavirus Vaccine Concerns
September 09 2020 - 12:13AM
RTTF2
The Japanese yen firmed against its major counterparts in the
Asian session on Wednesday, as a sell-off in tech stocks, Brexit
worries and AstraZeneca's pause of its coronavirus vaccine trial
dampened the risk sentiment.
AstraZeneca has halted its late-stage COVID-19 vaccine trial due
to a potentially unexplained illness in a U.K. volunteer, according
to reports citing an email statement issued by the company's
spokesperson.
The potential vaccine is being developed by the pharmaceutical
giant in partnership with Oxford University. It is being studied in
thousands of patients in the United States and the United Kingdom.
The company reportedly said it voluntarily paused vaccination to
allow review of safety data by an independent committee.
The news diminished hopes of a swift recovery from the pandemic
and aggravated the risk-off mood.
The yen climbed to an 8-day high of 105.79 against the
greenback, near a 6-week high of 136.74 against the pound and more
than a 5-week high of 115.16 against the franc, off its early lows
of 106.05, 137.69 and 115.50, respectively. The yen is seen finding
resistance around 101.00 against the greenback, 132.00 against the
pound and 111.00 against the franc.
The yen rose back to 124.45 against the euro, heading towards
more than a 4-week peak of 124.42 hit early in the session. If the
yen rises further, 122.00 is likely seen as its next resistance
level.
The yen advanced to 79.81 versus the loonie, its highest level
since August 11. The yen is likely to find resistance around the
78.00 level.
In contrast, the yen eased to 76.60 versus the aussie and 70.30
versus the kiwi, from more than a 2-week high of 76.11 and a 2-week
high of 69.87, respectively seen in previous deals. On the
downside, 78.00 and 72.00 are likely seen as its next support
levels versus the aussie and the kiwi, respectively.
Looking ahead, Canada housing starts data for August is set for
release at 8:15 am ET.
At 10:00 am ET, the Bank of Canada announces decision on
interest rates. Economists forecast the benchmark rate to remain at
0.25 percent.
CAD vs Yen (FX:CADJPY)
Forex Chart
From Aug 2024 to Sep 2024
CAD vs Yen (FX:CADJPY)
Forex Chart
From Sep 2023 to Sep 2024