Yen Falls Amid Risk Appetite
21 Febrero 2024 - 7:05PM
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The Japanese yen weakened against other major currencies in the
Asian session on Thursday amid risk appetite, boosted by strong
gains in the technology sector after U.S. chipmaker Nvidia's upbeat
outlook on robust demand for AI related chips. Traders shrugged off
the U.S. Fed's latest monetary minutes, where officials remain wary
of cutting interest rates too quickly.
The minutes of the late-January meeting said participants
acknowledged risks to achieving the Fed's employment and inflation
goals were moving into better balance, but they remained highly
attentive to inflation risks.
However, the Fed said a couple of participants pointed to
downside risks to the economy associated with maintaining an overly
restrictive stance for too long.
Bets spurred among Japanese retail investors that further
declines on yen may prompt authorities to intervene in the
market.
The Japanese stock market is sharply higher on the day. The
Nikkei 225 is adding more than 600 points to move above the 38,900
level to fresh 34-year highs, with gains across most sectors led by
index heavyweights and technology stocks.
The benchmark Nikkei 225 Index closed the morning session at
38,913.84, up 651.68 points or 1.70 percent, after touching a
34-year high of 38,924.88 earlier.
In economic news, the manufacturing sector in Japan continued to
contract, and at a faster pace, the latest survey from Jibun Bank
revealed on Thursday with a manufacturing PMI score of 47.2. That's
down from 48.0 in January, and it moves further beneath the
boom-or-bust line of 50 that separates expansion from contraction.
The survey also showed that the services PMI eased from 53.1 in
January to 52.5 in February. Wednesday, the yen traded lower
against its major rivals. The yen started falling against the euro
and the pound from February 19th, 2023. Against the U.S. dollar and
the Swiss franc, the yen started sliding from 21st and 20th of this
month, respectively. In the Asian trading now, the yen fell to
nearly a 3-month low of 162.94 against the euro and an 8-1/2-month
low of 190.24 against the pound, from yesterday's closing quotes of
162.56 and 189.86, respectively. If the yen extends its downtrend,
it is likely to find support around 165.00 against the euro and
191.00 against the pound.
Against the U.S. dollar and the Swiss franc, the yen slid to a
6-day low of 150.47 and more than a 2-week low of 171.27 from
Wednesday's closing quotes of 150.28 and 170.81, respectively. The
yen may test support around 152.00 against the greenback and 172.00
against the franc.
Against Australia, the New Zealand and the Canadian dollars, the
yen slipped to more than a 10-year low of 98.69, more than a 9-year
low of 93.22 and a 6-day low of 111.58 from yesterday's closing
quotes of 98.43, 92.87 and 111.27, respectively. On the downside,
99.00 against the aussie, 94.00 against the kiwi and 112.00 against
the loonie are seen as the next support levels for the yen.
Looking ahead, PMI reports from various European economies and
U.K. for February and Eurozone CPI for January are slated for
release in the European session.
In the New York session, Canada retail sales data for December,
U.S. weekly jobless claims U.S. existing home sales data for
January and U.S. EIA crude oil data are set to be published.
At 7:30 am ET, the European Central Bank is scheduled to issue
the account of the monetary policy meeting of the governing council
held on January 24 and 25.
At 10:00 am ET, Federal Reserve Vice Chair Philip Jefferson will
deliver a speech on the U.S. economic outlook and monetary policy
before a Peterson Institute for International Economics webcast, in
Washington D.C., U.S.
At 3:15 pm ET, Federal Reserve Bank of Philadelphia President
Patrick Harker will speak on the economic outlook before an event
hosted by the University of Delaware Center for Economic Education,
in Newark, Delaware, U.S.
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