Yen Slides Amid Risk Appetite
12 Marzo 2019 - 1:31AM
RTTF2
The Japanese yen drifted lower against its most major
counterparts in the European session on Tuesday amid improved risk
appetite, after the U.S. retail sales report for January showed a
rebound and as U.K. Prime Minister Theresa May obtained some last
minute changes to the divorce agreement from the European
Union.
May claimed that the new documents to be added to the Brexit
deal would provide additional legal guarantees that the UK can't be
retained indefinitely inside the backstop arrangement.
The changes eased concerns over the possibility of U.K. leaving
the European Union without a deal.
The British Parliament is due to hold a series of votes on
Brexit starting today, after having voted down original withdrawal
deal in January.
The U.S. economic calendar remains light, with investors
awaiting the Labor Department's closely-watched report on consumer
price inflation for February.
The yen dropped to a 4-day low of 111.47 against the greenback,
6-day low of 78.87 against the aussie and a weekly low of 76.29
versus the kiwi, from its early highs of 111.16, 78.55 and 75.93,
respectively. If the yen falls further, 113.00, 80.00 and 78.00 are
likely seen as its next support levels against the greenback, the
aussie and the kiwi, respectively.
Reversing from its early highs of 124.98 against the euro and
109.98 against the franc, the yen fell to 5-day lows of 125.77 and
110.58, respectively. The yen is poised to find support around
128.00 against the euro and 112.00 against the franc.
On the flip side, the yen climbed to 145.13 against the pound,
from a 1-week low of 147.79 hit at 6:00 pm ET. The next key
resistance for the yen is seen around the 142.00 region.
The yen edged up to 82.93 against the loonie, off its early
5-day low of 83.19. The yen is likely to find resistance around the
81.00 area.
Looking ahead, U.S. CPI for February is scheduled for release in
the New York session.
At 9:45 am ET, Federal Reserve Governor Lael Brainard will give
a speech on "Community Reinvestment Act Modernization" at the
National Community Reinvestment Coalition's Just Economy Conference
in Washington DC.
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