Yen Falls As Asian Shares Traded Higher
31 Luglio 2023 - 4:53AM
RTTF2
The Japanese yen weakened against other major currencies in the
Asian session on Monday, as investors reacted positively to data
showing the U.S. economy grew more than expected in the second
quarter, which helped quell fears of an imminent recession.
The data also helped ease concerns about the outlook for
interest rates, and raised hopes the Fed will end its tightening
cycle soon.
Meanwhile, the traders are also cautious ahead of the Reserve
Bank Australia's interest rate decision tomorrow, where the central
bank is widely expected to pause its interest-rate-hiking
cycle.
In economic news, data from the Ministry of Economy, Trade and
Industry showed that the value of retail sales in Japan was down
0.4 percent on month in June, coming in at 13.225 trillion yen.
That missed expectations for an increase of 0.2 percent following
the upwardly revised 1.4 percent gain in May (originally 1.3
percent).
On a yearly basis, retail sales climbed 5.9 percent, matching
forecasts and up from 5.8 percent in the previous month.
Also, the industrial output in Japan was up 2.0 percent on month
in June. That was shy of expectations for a gain of 2.4 percent
following the 2.2 percent decline in May.
On a yearly basis, industrial production slipped 0.4 percent
after jumping 4.2 percent in the previous month.
In the Asian trading today, the yen fell to 4-day lows of 156.26
against the euro and 162.81 against the Swiss franc, from Friday's
closing quotes of 155.48 and 162.20, respectively. The yen may test
support near 158.00 against the euro and 165.00 against the
franc.
The yen dropped to a 1-week low of 182.33 against the pound and
nearly a 2-week low of 141.88 against the U.S. dollar, from last
week's closing quotes of 181.38 and 141.88, respectively. On the
downside, 184.00 against the pound and 146.00 against the greenback
are seen as the next support levels for the yen.
Against Australia, the New Zealand and the Canadian dollars, the
yen slipped to 4-day lows of 94.70, 87.73 and 107.08 from last
week's closing quotes of 93.85, 87.02 and 106.49, respectively. If
the yen extends its downtrend, it is likely to find support around
97.00 against the aussie, 90.00 against the kiwi and 110.00 against
the loonie.
Looking ahead, German retail sales data and import price data,
both for June, Eurozone flash inflation data for July and quarterly
national accounts data for second quarter and U.K. mortgage
approvals data for June are due to be released in the European
session.
In the New York session, U.S Chicago PMI for July is slated for
release.
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Lug 2024 a Ago 2024
Grafico Cross NZD vs Yen (FX:NZDJPY)
Da Ago 2023 a Ago 2024
