Yen Reverses Against Majors
06 Maggio 2024 - 4:48AM
RTTF2
The Japanese yen reversed from early gains against other major
currencies in the Asian session on Monday, although the Japanese
stock market is closed for Children's Day holiday on the day.
The safe-haven currency rose against its major rivals in the
last week, following suspected intervention from Japanese
authorities to prop up the currency from a sharp slide.
Investors remain cautious amid easing concerns about the outlook
for U.S. Fed interest rates after data showed a slowdown in U.S.
employment growth in April and U.S. service sector activity
unexpectedly contracted in April.
The weak data raised hopes that the Fed will start reducing
interest rates during the latter part of the current year. Fed
Chair Jerome Powell already signaled to the market that rate hikes
are off the table in almost any scenario.
In the Asian trading now, the yen fell to 4-day lows of 165.73
against the euro, 193.18 against the pound and 169.96 against the
Swiss franc, from Friday's closing quotes of 164.71, 192.04 and
169.10, respectively. If the yen extends its downtrend, it is
likely to find support around 171.00 against the euro, 201.00
against the pound and 175.00 against the franc.
Against the U.S., the Australia, the New Zealand and the
Canadian dollars, the yen slipped to 4-day lows of 159.97, 101.84,
92.41 and 112.52 from last week's closing quotes of 152.98, 101.09,
92.01 and 111.76, respectively. The greenback may test support near
160.00 against the greenback, 105.00 against the aussie, 95.00
against the kiwi and 117.00 against the loonie.
Looking ahead, service PMI reports from various European
economies for April and Eurozone PPI for March are due to be
released in the European session.
In the New York session, Canada hourly wages data for April,
U.S. CB employment trends index for April and U.S. loan officers
survey data are slated to be released.
Grafico Cross CAD vs Yen (FX:CADJPY)
Da Apr 2024 a Mag 2024
Grafico Cross CAD vs Yen (FX:CADJPY)
Da Mag 2023 a Mag 2024