Yen Falls As Japan's Election Result Raises Speculations On BOJ Slow Rate Hike Plans
28 Ottobre 2024 - 4:11AM
RTTF2
The Japanese yen weakened against other major currencies in the
Asian session on Monday, as traders speculate that future rate
hikes would be slowed by the Japan ruling coalition's loss of a
parliamentary majority in weekend elections.
Traders also await the Japan interest rate decision on Thursday,
although no changes to policy are anticipated.
It's a busy week for markets as the U.S. presidential election
approaches. The uncertainty about the outcome of the upcoming U.S.
presidential election and rising geopolitical tensions in the
Middle East are weighing on market sentiment.
In the Asian trading today, the yen fell to near 3-month lows of
166.07 against the euro and 199.36 against the pound, from Friday's
closing quotes of 164.38 and 197.37, respectively. If the yen
extends its downtrend, it is likely to find support around 170.00
against the euro and 204.00 against the pound.
Against the U.S. and the Canadian dollars, the yen slipped to
near 3-month lows of 153.88 and 110.72 from last week's closing
quotes of 152.30 and 109.62, respectively. The yen may test support
near 158.00 against the greenback and 111.00 against the
loonie.
The yen dropped to more than a 3-month low of 176.92 against the
Swiss franc, from Friday's closing value of 175.62. On the
downside, 180.00 is seen as the next support level for the yen.
Against the Australia and the New Zealand dollars, the yen slid
to 5-day lows of 101.53 and 91.86 from last week's closing quotes
of 100.56 and 91.03, respectively. The next possible downside
target for the yen is seen around 102.00 against the aussie and
93.00 against the kiwi.
Looking ahead, Canada wholesale sales data for September and
U.S. Dallas Fed manufacturing business index for October are slated
for release in the New York session.
Grafico Cross AUD vs Yen (FX:AUDJPY)
Da Nov 2024 a Dic 2024
Grafico Cross AUD vs Yen (FX:AUDJPY)
Da Dic 2023 a Dic 2024
