Yen Climbs Amid Virus, China Worries
13 Agosto 2021 - 9:01AM
RTTF2
The Japanese yen advanced against its major rivals in the
European session on Friday, as the spread of the delta variant
coronavirus and China's regulatory curbs weighed on sentiment.
The Chinese government has unveiled a five-year and 10-point
plan outlining tighter regulation of much of its economy.
China said that it will widen its crackdown to include areas
related to national security, technology and monopolies.
Investors await more hints on the Fed's plan to withdraw
stimulus after a surge in producer inflation and a drop in jobless
claims for the third consecutive week.
Majority of economists expect that the Fed could announce a
tapering of the QE program at its meeting in September.
The yen appreciated to 3-day highs of 110.23 against the
greenback and 129.37 against the euro, off its early lows of 110.46
and 129.64, respectively. If the yen continues its rise, 108.00 and
127 are possibly seen as its next resistance levels against the
greenback and the euro, respectively.
The yen firmed to an 8-day high of 152.07 against the pound and
more than a 3-week high of 119.37 against the franc, after falling
to 152.58 and 119.64, respectively in early deals. The yen may test
resistance around 149.00 against the pound and 117.00 against the
franc.
The yen reversed from its early lows of 88.22 against the
loonie, 81.14 against the aussie and 77.44 against the kiwi, rising
to 3-day highs of 88.00, 80.87 and 77.19, respectively. The yen is
likely to find resistance around 86.00 against the loonie, 78.00
against the aussie and 74.00 against the kiwi.
Looking ahead, U.S. import and export prices for July and
University of Michigan's preliminary consumer sentiment index for
August are set 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)
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