Japanese Yen Drops Amid Risk Appetite
11 Agosto 2021 - 8:51AM
RTTF2
The Japanese yen slipped against its most major counterparts in
the European session on Wednesday, as European shares rose ahead of
U.S. inflation data that could offer clues on the Federal Reserve's
policy outlook.
On a monthly basis, U.S inflation is expected to ease to 0.5
percent in July from 0.9 percent in the previous month.
A strong reading could influence the Fed's timeline to taper
monetary stimulus, though the next Fed meeting is not scheduled
until September.
The US Senate passed $1.2 trillion infrastructure plan on
Tuesday, which proposes spending on roads, bridges, public
transport and broadband internet.
The Senate also passed a $3.5 trillion budget resolution that
includes major investments in health, education, tackling climate
change and expanding social welfare programs.
The yen declined to multi-week lows of 110.80 against the
greenback and 88.42 against the loonie, off its early highs of
110.46 and 88.21, respectively. The yen is seen finding support
around 112.00 against the greenback and 90.00 against the
loonie.
The yen weakened 5-day lows of 129.81 against the euro and 77.59
against the kiwi, after rising to 129.50 and 77.36, respectively in
early deals. The currency may challenge support around 132.00
against the euro and 80.00 against the kiwi, if it weakens
further.
The yen edged down to 153.14 against the pound, before steadying
in later deals. On the downside, 155.00 is likely seen as its next
support level.
The yen held steady against the franc, after having dropped to
120.00 in the previous session. At yesterday's close, the pair was
worth 119.81.
In contrast, the yen ticked up to 81.11 against the aussie, from
a prior low of 81.30. If the yen rises further, it may find
resistance around the 77.5 level.
Looking ahead, U.S. CPI and monthly budget statement for July
are scheduled for release in the New York session.
Grafico Cross NZD vs Yen (FX:NZDJPY)
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Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Lug 2023 a Lug 2024