Yen Strengthens Against Majors
03 Diciembre 2018 - 09:09PM
RTTF2
The Japanese yen strengthened against its major counterparts in
the Asian session on Tuesday, following the sell-off in the U.S.
treasury yields as well as higher oil prices.
The benchmark yield on 10-year Treasury note fell to 2.50
percent, its lowest since September 13. The spread between two-year
and 10-year yields fell below 14 basis points, its weakest since
July 2007.
Crude oil prices remained higher, underpinned by hopes that
crude exporters would agree to cut output at OPEC's policy meeting
on December 6.
Data from the Bank of Japan showed that Japan monetary base rose
6.1 percent on year in November, coming in at 501.330 trillion yen.
That follows two straight months of 5.9 percent gains.
The yen climbed to an 8-day high of 113.05 against the
greenback, from a low of 113.66 hit at 5:00 pm ET. The next
possible resistance for the yen is seen around the 112.00
level.
The yen appreciated to an 8-day high of 113.47 against the
franc, after falling to 113.88 at 5:00 pm ET. If the yen rises
further, it may find resistance around the 111.00 mark.
Reversing from an early low of 129.04 against the euro, the yen
advanced to 128.61. On the upside, 126.00 is seen as the next
likely resistance level for the yen.
The yen strengthened to 143.96 against the pound, its strongest
since October 31. The yen is poised to find resistance around the
142.00 mark.
The yen reversed from an early low of 86.12 against the loonie,
rising to 85.78. The yen is seen finding resistance around the
84.00 mark.
The yen spiked up to a 4-1/2-month high of 83.30 against the
aussie, following a decline to 83.65 at 5:00 pm ET. The yen is
likely to find resistance around the 82.00 level.
After falling to near an 8-month low of 78.86 against the kiwi
at 11:00 pm ET, the yen changed direction and was trading higher at
78.74. Next key resistance for the yen is seen around the 77.00
mark.
Looking ahead, Eurozone PPI for October, Swiss consumer
inflation and U.K. construction PMI for November are due in the
European session.
At 10:00 am ET, Federal Reserve Bank of New York President John
Williams will give a press conference about local employment and
labor force trends at the Federal Reserve Bank of New York.
Bank of England member Gertjan Vlieghe will speak at the
Plymouth Manufacturing Group Annual Christmas Lecture in England at
1:00 pm ET.
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