Yen Rises As Most Asian Stock Markets Traded Lower
August 20 2017 - 11:37PM
RTTF2
The Japanese yen strengthened against other major currencies in
the pre-European session on Monday. This was caused by most Asian
stocks trading lower as investors digested the ouster of White
House chief strategist Steve Bannon by U.S. President Donald Trump.
Also, the start of joint military drills by the U.S. and South
Korea today dampened investor sentiment.
In other economic news, data from the Ministry of Economy, Trade
and Industry showed that Japan's all industry activity recovered in
June. The all industry activity index rose 0.4 percent
month-on-month in June, reversing a 0.8 percent fall in May. The
monthly growth came in line with expectations.
On a yearly basis, all industry activity growth eased to 2.2
percent in June from 3.2 percent in May.
In the Asian trading today, the yen held steady against its
major rivals.
In the pre-European trading, the yen rose to a 6-day high of
112.91 against the Swiss franc, from an early low of 113.34. The
yen may test resistance near the 111.00 region.
Against the euro and the pound, the yen advanced to 128.09 and
140.33 from early lows of 128.61 and 140.85, respectively. The yen
is likely to find resistance around 127.00 against the euro and
138.00 against the pound.
Against the U.S., the Australian, the New Zealand and the
Canadian dollars, the yen edged up to 109.10, 86.44, 79.81 and
86.59 from early lows of 109.42, 86.75, 80.00 and 86.97,
respectively. If the yen extends its uptrend, it is likely to find
resistance around 108.00 against the greenback, 85.00 against the
aussie, 78.00 against the kiwi and 84.00 against the loonie.
Looking ahead, Canada wholesale sales data for June is due to be
released at 8:30 am ET.
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