Yen Rises As Most Asian Shares Traded Lower
11 Enero 2024 - 7:37PM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Friday, as most Asian stock markets traded
lower, driven by the continuing strength in the Japanese market and
as traders reacted to a bunch of economic data from China, Japan
and Australia.
Traders also digested the highly anticipated report on U.S.
consumer price inflation in December, which showed a bigger than
expected increase. A number of economists have said the data makes
the US Fed less likely to cut interest rates in March, with many
predicting the central bank will hold off until its May
meeting.
In economic news, overall bank lending in Japan was up 3.1
percent on year in December, the Bank of Japan said on Friday -
coming in at 614.599 trillion yen. That beat forecasts for a 2.7
percent increase and was up from 2.8 percent in November. For the
fourth quarter of 2023, overall lending rose 2.9 percent, lending
excluding trusts climbed 3.2 percent and lending from trusts added
0.6 percent.
Meanwhile, Japan posted a current account surplus of 1.926
trillion yen in November, the Ministry of Finance said on Friday.
That missed forecasts for a surplus of 2.385 trillion and was down
from 2.583 trillion in October. Exports were down 4.5 percent on
year to 8.623 trillion yen and imports slumped an annual 11.4
percent to 9.348 trillion yen for a deficit of 724.1 billion yen.
The capital account saw a deficit of 30.0 billion yen, while the
financial account posted a surplus of 1.087 trillion yen.
Thursday, the safe-haven yen traded multi-day low against its
major rivals.
In the Asian trading today, the yen rose to 2-day highs of
159.02 against the euro and 170.03 against the Swiss franc, from
yesterday's closing quotes of 159.37 and 170.48, respectively. If
the yen extends its uptrend, it is likely to find resistance around
155.00 against the euro and 166.00 against the franc.
Against the U.S. and the Canadian dollars, the yen advanced to
2-day highs of 144.84 and 108.30 from yesterday's closing quotes of
145.28 and 108.46, respectively. On the upside, 140.00 against the
greenback and 104.00 against the loonie, are seen as the next
resistance levels for the yen.
The yen edged up to 185.06 against the pound, 97.12 against the
Australian dollar and 90.50 against the NZ dollar, from Thursday's
closing quotes of 185.31, 97.15 and 90.54, respectively. The next
resistance level for the yen is seen around 179.00 against the
pound, 95.00 against the aussie and 88.00 against the kiwi.
Looking ahead, U.K. GDP data, trade data and industrial
production, all for November are slated for release in the European
session.
In the New York session, U.S. PPI for December and U.S. Baker
Hughes weekly oil rig count data are set to be published.
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