Japanese Yen Slides As Fed Chair Powell's Speech In Focus
27 Agosto 2021 - 8:18AM
RTTF2
The Japanese yen slipped against its major counterparts in the
European session on Friday, as investors focused on the Federal
Reserve's Jackson Hole symposium for further clues on the policy
outlook.
Fed Chair Jerome Powell will deliver a speech at 10 am ET, with
markets seeking more clarity on the central bank's plans to scale
back stimulus measures.
Hawkish remarks from the Fed's policy makers fueled hopes that
the central bank may adjust its bond buying programme sooner rather
than later.
On Thursday, Dallas President Robert Kaplan said that he
supported the start of QE tapering in October or shortly
thereafter. Kansas City Fed President Esther George and St. Louis
Fed President James Bullard also called for pulling back stimulus
measures soon.
The yen weakened to 120.14 against the franc, 151.07 against the
pound and 129.52 against the euro, off its early 4-day high of
119.67, 2-day highs of 150.46 and 129.16, respectively. Should the
yen falls further, 124.5, 153 and 131.5 may be seen as its next
support levels against the franc, the pound and the euro,
respectively.
The yen edged down to 86.97 against the loonie, 79.89 against
the aussie and 76.59 against the kiwi, after rising to a 4-day high
of 86.55, 2-day highs of 79.42 and 76.25, respectively in early
deals. The next possible support for the yen is seen around 88
against the loonie, 82 against the aussie and 78 against the
kiwi.
The yen retreated from an early 2-day high of 109.89 against the
greenback, with the pair trading at 110.11. The currency is seen
finding support around the 112 region.
Looking ahead, Canada industrial product price index and U.S.
personal income and spending data, wholesale inventories and
advance goods trade balance, all for July, and University of
Michigan's final consumer sentiment index for August are scheduled
for release in the New York session.
Federal Reserve Chair Jerome Powell will deliver a speech about
the economic outlook at the Jackson Hole Economic Policy Symposium
at 10 am ET.
Grafico Cross NZD vs Yen (FX:NZDJPY)
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Grafico Cross NZD vs Yen (FX:NZDJPY)
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