Yen Higher Amid Rising Risk Aversion
March 10 2020 - 11:55PM
RTTF2
The Japanese yen advanced against its major opponents on
Wednesday amid rising risk aversion, as investors were disappointed
by lack of details about a proposed U.S. stimulus plan.
On Tuesday, President Donald Trump said that he will discuss a
payroll tax cut with Congress and other major stimulus measures,
but offered few details.
Coronavirus fears intensified after an increase in imported
coronavirus cases in China.
The total number of cases worldwide neared 120,000, with a rapid
growth in new infections in Italy, France, Spain, Germany and
Iran.
The number of deaths has increased to more than 4,200 people.
The total number of cases in the U.S. is now over 955, with at
least 29 deaths.
The yen rose to 104.09 against the greenback and 118.11 against
the euro, from its early lows of 105.64 and 119.19, respectively.
The next possible resistance for the yen is seen around 102.00
against the greenback and 116.00 against the euro.
Reversing from its early lows of 112.39 against the franc and
136.44 against the pound, the yen edged higher to 111.46 and
134.56, respectively. On the upside, 109.00 and 132.00 are possibly
seen as the next resistance levels for the yen against the franc
and the pound, respectively.
The yen appreciated to 75.95 against the loonie, 65.40 against
the kiwi and 67.66 against the aussie, off its previous lows of
76.98, 66.23 and 68.72, respectively. If the yen extends rise,
74.00, 62.00 and 64.00 are possibly seen as its next resistance
levels against the loonie, the kiwi and the aussie,
respectively.
Looking ahead, U.K. GDP data, industrial production,
manufacturing production, construction output and trade data, all
for January, are due in the European session.
The Chancellor of the Exchequer, Rishi Sunak, will present U.K.
annual budget at 6:30 am ET.
In the New York session, U.S. CPI and monthly budget statement
for February are scheduled for release.
Sterling vs Yen (FX:GBPJPY)
Forex Chart
From Mar 2024 to Apr 2024
Sterling vs Yen (FX:GBPJPY)
Forex Chart
From Apr 2023 to Apr 2024
