Japanese Yen Firms On Rate Worries
10 Giugno 2022 - 7:17AM
RTTF2
The Japanese yen advanced against its major counterparts in the
early European session on Friday amid safe-haven status, as
investors awaited U.S. inflation data for more clues about the
Federal Reserve's policy outlook.
The U.S. CPI is expected to remain at 8.3 percent year-on-year
in May. Core inflation is expected to slow to 5.9 percent from 6.2
percent.
Investors fear that aggressive rate hikes from the Fed to combat
inflation could undermine growth.
The Fed meeting is due next week, with economists expecting a
rate hike of 50 basis points amid soaring inflation.
Worries about the Covid situation in China also dampened
investor sentiment, as Shanghai and Beijing have imposed fresh
restrictions just a few days after loosening them.
The yen appreciated to 136.47 against the franc and 133.36
against the greenback, off its previous lows of 137.14 and 134.48,
respectively. The yen is seen finding resistance around 131.00
against the franc and 126.00 against the greenback.
The yen climbed to a 2-day high of 141.83 against the euro and a
3-day high of 104.99 against the loonie, up from its early lows of
142.79 and 105.89, respectively. Should the yen rises further, it
may find resistance around 136.00 against the euro and 101.00
against the loonie.
The yen touched a 3-day high of 166.55 against the pound, from a
low of 168.04 seen at 6:15 pm ET. On the upside, 159.00 is possibly
seen as its next resistance level.
In contrast, the yen held steady against the aussie, after
hitting a 3-day high of 94.99 at 8:15 pm ET. The pair was worth
95.36 at Thursday's close.
The yen eased off to 86.09 against the kiwi, from a 3-day high
of 85.54 seen in the previous session. The currency may locate
support around the 88.5 level.
Looking ahead, Canada jobs data, U.S. inflation report and
monthly budget statement, all for May, and University of Michigan's
preliminary consumer sentiment index for June are set for release
in the New York session.
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