Yen Higher Amid Risk Aversion
23 Marzo 2020 - 01:43AM
RTTF2
The Japanese yen strengthened against its most major
counterparts in the European session on Monday amid risk aversion,
as the rapid spread of the coronavirus forced governments worldwide
to lock down their cities and U.S. massive stimulus plan was
deadlocked in the Senate.
More countries and regions are resorting to shutdowns and border
closures to prevent the spread of COVID-19, raising concerns about
the likely economic impact of the pandemic.
Rise in novel coronavirus cases in the United States and Europe
fueled worries about a deep global recession.
Senate Democrats late Sunday blocked the passage of a third
economic stimulus package to combat the impact of coronavirus.
That sparked fresh uncertainty over the bill intended to help
Americans and the American economy weather the pandemic.
With the number of confirmed cases in the U.S. surpassing 32,000
on Sunday, it's unclear whether the virus will cause a short
economic hit or a "prolonged, full-blown recession.
The yen climbed to a 4-day high of 117.72 against the euro and a
5-day high of 111.51 against the franc, from its early lows of
118.60 and 112.55, respectively. The next possible resistance for
the yen is seen around 114.00 against the euro and 110.00 against
the franc.
The yen appreciated to 127.75 against the pound, from a low of
129.41 set at 5:15 pm ET. The yen is poised to test resistance
around the 123.00 mark.
The yen held steady against the aussie, the kiwi and the loonie,
after rising to 62.91, 4-day highs of 61.78 and 75.98, respectively
in the previous session. The yen had ended Friday's deals at 64.26
against the aussie, 63.26 versus the kiwi and 77.28 versus the
loonie.
After climbing to 109.67 in the Asian session, the yen eased off
slightly to 110.80 against the greenback. Should the yen continues
its downtrend, 112.00 is likely seen as its next support level.
Looking ahead, Canada wholesale sales for January are scheduled
for release at 8:30 am ET.
Eurozone flash consumer sentiment index for March is set for
release at 11:00 am ET.
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