Yen Strengthens On Rising Risk Aversion
27 Marzo 2019 - 9:23PM
RTTF2
The Japanese yen firmed against its major counterparts in the
Asian session on Thursday, as most Asian stock markets fell
following the negative cues overnight from Wall Street after a drop
in the benchmark 10-year U.S. Treasury yield to fifteen-month
lows.
The sell-off in Treasury yields stocked fears about an economic
slowdown in the U.S.
Trade talks resume between the U.S. and China today in Beijing,
with few signs of breakthrough on the most difficult issues.
U.K. Prime Minister Theresa May has agreed to quit at a meeting
of Conservative lawmakers, if MPs pass her Brexit deal.
There is still no clarity on Brexit as MPs, who have seized
control of the parliamentary timetable from the government, failed
to rally behind any single option.
The yen climbed to a 2-day high of 110.04 versus the greenback
and a 3-day high of 110.58 versus the Swiss franc, from its early
lows of 110.53 and 111.13, respectively. The yen is likely to find
resistance around 108.00 against the greenback and 111.13 against
the franc.
The yen strengthened to more than a 2-month high of 123.81
against the euro and held steady thereafter. This follows a low of
124.36 seen at 6:00 pm ET. On the upside, 122.00 is possibly seen
as the next resistance level for the yen.
The yen advanced to 2-day highs of 145.08 against the pound and
82.05 against the loonie, off its early lows of 145.92 and 82.44,
respectively. The Japanese currency traded sideways against the
pound and the loonie in subsequent deals. The next possible
resistance for the yen is seen around 143.00 against the pound and
81.00 against the loonie.
On the flip side, the yen retreated to 75.19 against the kiwi
and 78.24 against the aussie, from its early near a 5-week high of
74.74 and a 3-day high of 77.91, respectively. The yen is seen
challenging support around 77.00 against the kiwi and 80.00 against
the aussie.
Looking ahead, Eurozone M3 money supply for February and
economic sentiment index for March are due in the European
session.
At 7:15 am ET, Federal Reserve Governor Randal Quarles will
speak about the Financial Stability Board agenda at a policy
conference hosted by the European Central Bank in Frankfurt.
German flash inflation for March, U.S. GDP data for the fourth
quarter, weekly jobless claims for the week ended March 23 and
pending home sales for February are scheduled for release in the
New York session.
Federal Reserve Governor Richard Clarida is scheduled to
participate in a panel discussion titled "Global Shocks and the
U.S. Economy" at a symposium hosted by the Bank of France in Paris
at 9:30 am ET.
Federal Reserve Governor Michelle Bowman will deliver a speech
about agriculture and community banking at a town hall event in New
Mexico at 10:00 am ET.
At 1:00 pm ET, the Swiss National Bank Governing Board Member
Andrea Maechler will give a speech about the development of
payments in the Digital Age at the Money Market Event in
Zurich.
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