Japanese Yen Falls In Cautious Trade
March 08 2022 - 10:11PM
RTTF2
The Japanese yen slipped against its major opponents in the
Asian session on Wednesday, as investors monitored the conflict in
Ukraine, with a U.S. ban on Russian oil imports lifting oil
prices.
Asian stock markets are mostly higher, despite negative cues
from Wall Street overnight, as investors took a breather from a
sell-off fueled by escalating tensions in Ukraine.
President Joe Biden announced that he has banned imports of oil
and other energy imports from Russia into the U.S. over the
invasion of Ukraine.
The UK joined the move by deciding to phase out imports of
Russian oil by the end of the year.
Oil stocks are higher as the announcement of the ban on Russian
oil imports raised worries about supply crisis.
In economic news, data from the Cabinet Office showed that
Japan's gross domestic product expanded an annualized 4.6 percent
on year in the fourth quarter of 2021 - well shy of forecasts for a
gain of 5.6 percent following the downwardly revised 2.8 percent
contraction in the previous three months.
On a seasonally adjusted quarterly basis, GDP was up just 1.1
percent - again missing expectations for 1.4 percent after
shrinking 0.7 percent in the three months prior.
The yen dropped to a 2-day low of 152.03 against the pound and
near a 4-week low of 115.92 against the greenback, off its early
highs of 151.41 and 115.61, respectively. The currency is likely to
face support around 156.00 against the pound and 118.00 against the
greenback.
The yen fell to 124.83 against the franc and 126.56 against the
euro, after rising to 124.38 and 125.96, respectively in early
deals. Next immediate support for the yen is seen around 129.00
against the franc and 129.00 against the euro.
Reversing from an early high of 89.72 against the loonie, the
yen edged down to 90.06. On the downside, 92.00 is possibly seen as
its next support level.
The yen retreated to 84.55 against the aussie and 79.03 against
the kiwi, from its early highs of 84.04 and 78.64, respectively.
The yen is seen facing support around 88.00 against the aussie and
82.00 against the kiwi.
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