Yen Extends Rise Amid Rising Risk Aversion
26 Febrero 2017 - 7:16PM
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The Japanese yen continued to be strong against the other major
currencies in the Asian session on Monday amid rising risk
aversion, as lower commodity prices weighed on resources stocks.
Investors also digested local corporate earnings results as the
earnings reporting season winds down.
Investors also preferred to stay on the sidelines as they await
more details on U.S. President Donald trump's fiscal stimulus
plans. Trump is set to make his first address to a joint session of
Congress on Tuesday.
Meanwhile, the crude oil futures eased from 2017 highs on
Friday, holding losses after data showed U.S. oil rig count jumped
for the 15th week in 16. The U.S. oil-rig count increased by five
to a total of 602 this week, according to Baker Hughes. That's
nearly double the lowest point after the oil market crash a few
years ago.
Last Friday, the yen had risen 0.65 percent against the euro,
1.19 percent against the pound, 0.42 percent against the U.S.
dollar and 0.59 percent against the franc.
In the Asian trading, the yen rose to 118.25 against the euro,
from Friday's closing value of 118.37. The yen is likely to find
resistance around the 116.00 region.
Against the pound and the U.S. dollar, the yen advanced to near
3-week highs of 139.01 and 111.92 from last week's closing quotes
of 139.73 and 112.14, respectively. If the yen extends its uptrend,
it is likely to find resistance around 136.00 against the pound and
110.00 against the greenback.
The yen climbed to nearly a 3-month high of 111.07 against the
Swiss franc, from Friday's closing value of 111.22. The yen may
test resistance near the 110.00 region.
Against the New Zealand and the Canadian dollars, the yen rose
to a 2-month high of 80.51 and nearly a 3-week high of 85.35 from
last week's closing quotes of 80.64 and 85.58, respectively. The
yen is likely to find resistance around 79.00 against the kiwi and
84.00 against the loonie.
Looking ahead, Eurozone M3 money supply data for January and
business climate index for February are due to be released later in
the day.
At 7:30 am ET, Swiss National Bank Governing Board Member Fritz
Zurbrugg will deliver a speech titled "Cash - tried and tested, and
with a future" at the World Banknote Summit, in Basel.
In the New York session, U.S. durable goods orders and pending
home sales data, both for January, are slated for release.
In the New York session, Federal Reserve Bank of Dallas
President Robert Kaplan is expected to speak at the University of
Oklahoma's Distinguished Speaker Series.
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