Japanese Yen Advances Amid Rate Hike Concerns
07 Giugno 2021 - 6:38AM
RTTF2
The Japanese yen rose against its major counterparts in the
Asian session on Monday amid safe-haven demand, following remarks
from U.S Treasury Secretary Janet Yellen that President Joe Biden's
spending plan would be beneficial to the economy, even if they
trigger higher inflation and a rate hike move by the U.S Federal
Reserve.
The President's $4 trillion spending plan is positive for the
economy, although they spur inflation that persists into 2022,
Yellen said in an interview with Bloomberg News.
Yellen added that a "slightly higher" interest rate environment
would be an advantage.
Investors await key U.S. inflation data due later this week for
more indications about the Fed's policy outlook.
Japan's leading index rose to the highest level in seven years
in April, according to a preliminary data by the Cabinet
Office.
The leading index, which measures the future economic activity,
grew to 103.0 in April from 102.4 in March.
The yen climbed to 109.38 against the greenback and 90.48
against the loonie, off its early lows of 109.64 and 90.78,
respectively. The yen may locate resistance around 107.5 against
the greenback and 88.00 against the loonie.
The yen spiked higher to near 2-week highs of 133.05 against the
euro, 154.56 against the pound and 121.54 against the franc, after
falling to 133.39, 155.28 and 121.91, respectively in early deals.
The yen is likely to locate resistance around 131.00 against the
euro, 148.00 against the pound and 117.00 against the franc.
The yen reversed from its early 4-day lows of 79.06 against the
kiwi and 84.88 against the aussie and recovered to 78.80 and 84.65,
respectively. The next possible resistance for the yen is seen
around 75.00 against the kiwi and 80 against the aussie.
Looking ahead, the U.S. consumer credit for April will be out in
the New York session.
Grafico Cross US Dollar vs Yen (FX:USDJPY)
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