Yen Rises As Asian Shares Traded Lower
January 07 2024 - 10:04PM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Monday, as Asian markets traded lower after
Wall Street logged its worst week since Halloween on Friday.
Investors seek cues from the quarterly earnings season and key
U.S. data due this week.
U.S. inflation data will be in the spotlight this week, with the
Labour Department scheduled to release separate reports on consumer
and producer price inflation on Thursday and Friday,
respectively.
The safe-haven yen traded lower against its major counterparts
from 2nd January 2023.
In the Asian trading, the yen rose to 4-day highs of 157.78
against euro, 169.33 against the Swiss franc and 183.25 against the
pound, from Friday's closing quotes of 158.24, 170.11 and 183.91,
respectively. If the yen extends its uptrend, it is likely to find
resistance around 153.00 against the euro, 165.00 against the franc
and 178.00 against the pound.
Against the U.S. and the Australian dollars, the yen edged up to
144.09 and 96.68 from last week's closing quotes of 144.65 and
97.09, respectively. On the upside, 141.00 against the greenback
and 93.00 against the aussie are seen as the next resistance level
for the yen.
Against the New Zealand and the Canadian dollars, the yen
advanced to 4-day highs of 89.99 and 107.81 from Friday's closing
quotes of 90.23 and 108.21, respectively. The yen may test
resistance near 88.00 against the kiwi and 104.00 against the
loonie.
Looking ahead, Eurozone consumer confidence for December, retail
sales data for November, unemployment rate for November and U.K.
BBA mortgage rate for December are due to be released in the
European session.
In the New York session, U.S. used car prices for December and
U.S. consumer inflation expectation for December are slated for
release.
At 12:30 pm ET, Federal Reserve Bank of Atlanta President
Raphael Bostic will participate in moderated conversation on the
economic outlook before the Rotary Club of Atlanta, in Atlanta,
U.S.
CHF vs Yen (FX:CHFJPY)
Forex Chart
From Jun 2024 to Jul 2024
CHF vs Yen (FX:CHFJPY)
Forex Chart
From Jul 2023 to Jul 2024