Japanese Yen Firms On Fresh Virus Worries
May 11 2020 - 11:42PM
RTTF2
The Japanese yen advanced against its major counterparts in the
Asian session on Tuesday on safe-haven demand, as China's producer
inflation fell deeper into deflation in April and fears of a second
wave of virus infections intensified after a fresh outbreak in
China, Germany and South Korea.
The central Chinese city of Wuhan reported five new coronavirus
cases and South Korea reported its highest number of infections for
more than a month driven by a cluster in a Seoul nightlife district
after loosening restrictions.
Russia overtook Italy and Britain to report the world's highest
tally of cases after the United States and Spain, but President
Vladimir Putin announced plans to ease nationwide lockdown measures
from Tuesday.
Trade fears renewed after U.S. President Donald Trump refused to
re-open "Phase 1" talks with China.
China banned some of its meat exports from Australia in an
escalation of tensions amid the coronavirus outbreak.
The yen rose to 132.20 against the pound and 107.35 against the
greenback, from its early lows of 132.87 and 107.69, respectively.
The next possible resistance for the yen is seen around 128.00
against the pound and 105.00 against the greenback.
Recovering from its early lows of 110.69 against the franc and
116.42 against the euro, the yen edged up to 110.26 and 115.96,
respectively. Next key resistance for the yen is likely seen around
107.00 against the franc and 112.00 against the euro.
The yen appreciated to 76.39 against the loonie, after falling
to 76.87 at 5:00 pm ET. The yen is poised to find resistance around
the 74.00 mark.
The yen gained to 69.14 against the aussie, setting a 4-day
high. The yen is seen finding resistance around the 68.00
level.
In contrast, the yen retreated to 65.38 against the kiwi, from a
4-day high of 65.01 hit at 8:45 pm ET. If the yen slides further,
it may find support around the 66.00 level.
Looking ahead, U.S. CPI and monthly budget statement for April
are set for release in the New York session.
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