Japanese Yen Higher On Fed Rate Hike Concerns
08 Marzo 2023 - 11:45AM
RTTF2
The Japanese yen climbed against its major counterparts during
the European session on Wednesday, as hawkish comments from Fed
Chair Jerome Powell stoked concerns about the possibility of a
larger rate hike by the central bank later in the month.
Recent strong data suggested that the ultimate level of interest
rates would be higher than previously anticipated, Powell told the
Senate Banking Committee on Tuesday.
Policymakers are ready to increase the pace of rate hikes
depending upon the totality of incoming data, the Fed chief
added.
Investors worry that more rate hikes by the Fed to curb sticky
inflation could drag the economy into a recession.
According to CME's FedWatch tool, markets now price in an almost
70 percent chance of a 50-basis point rate hike at the Fed's March
21-22 policy meeting.
The yen climbed to 2-day highs of 145.30 against the franc and
144.30 against the euro, from its prior lows of 146.15 and 145.23,
respectively. The yen is seen finding resistance around 142.00
against the franc and 141.00 against the euro.
The yen recovered to 83.74 against the kiwi and 137.02 against
the greenback, from an early low of 84.28 and near a 3-month low of
137.91, respectively. The currency is poised to find resistance
around 82.00 against the kiwi and 133.00 against the greenback.
The yen rose back to 90.33 against the aussie, heading to pierce
its previous 1-1/2-month high of 90.16. On the upside, 88.00 is
likely seen as the next resistance level.
The yen touched 162.02 against the pound, its strongest level
since February 24. The currency is likely to find resistance around
the 157.00 level.
The yen strengthened to near a 2-week high of 99.34 against the
loonie, off an early 5-day low of 100.17. If the currency rises
further, it may face resistance around the 96.00 level.
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Set 2024 a Ott 2024
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Ott 2023 a Ott 2024