Yen Advances Against Majors
December 03 2023 - 9:53PM
RTTF2
The safe-haven yen strengthened against other major currencies
in the Asian session on Monday, as the major currencies failed to
sustain their strength due to profit taking.
Meanwhile, the Asian shares showed mixed trading on concerns
about China as well as hopes of rate cuts by the Fed, both weighing
on sentiment.
Encouraging inflation data from the region as well as growing
rate cut expectations and Fed Chair Jerome Powell's comments that
inflation was moving in the right direction, upturned the demand
for the safe-haven currency.
In the Asian trading today, the yen rose to a 1-month high of
159.11 against the euro and a 4-day high of 168.32 against the
Swiss franc, from last week's closing quotes of 159.76 and 168.86,
respectively. If the yen extends its uptrend, it is likely to find
resistance around 157.00 against the euro and 164.00 against the
franc.
The yen advanced to a 2-week high of 185.53 against the pound
and nearly a 3-month high of 146.24 against the U.S. dollar, from
Friday's closing quotes of 186.57 and 146.81, respectively. The yen
may test resistance around 180.00 against the pound and 143.00
against the greenback.
Against the Australia, the New Zealand and the Canadian dollars,
the yen rose to 4-day highs of 97.65, 90.89 and 108.39 from last
week's closing quotes of 97.98, 91.14 and 108.76, respectively. On
the upside, 94.00 against the aussie, 87.00 against the kiwi and
105.00 against the loonie are seen as the next resistance level for
the yen.
Looking ahead, U.S. factory orders for October is due to be
released in the New York session.
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