Japanese Yen Appreciates On Fed Tapering Concerns
04 Giugno 2021 - 4:58AM
RTTF2
The Japanese yen climbed against its major counterparts in the
Asian session on Friday amid safe-haven status, as strong U.S.
economic data intensified expectations of the likelihood of U.S.
Federal Reserve paring back its bond-buying program.
While ADP private payrolls surged in May, U.S weekly jobless
claims fell below 400,000 last week, indicating a strengthening of
the labor market.
Data from the Institute for Supply Management showed that U.S.
service sector activity hit a record high in May.
The U.S. nonfarm payrolls report is due later in the day, which
could offer more clues on labour market recovery and the direction
of policy.
Markets digested U.S. President Joe Biden's offer to abandon his
proposed 28% corporate tax hike, and instead recommending a rate of
15%.
Data from the Ministry of Internal Affairs and Communications
showed that Japan household spending surged 13.0 percent on year in
April - coming in at 310,043 yen.
That blew away forecasts for an increase of 9.3 percent
following the 6.2 percent gain in March.
The yen rose to 155.28 against the pound, 121.79 against the
franc and 110.14 against the greenback, off its early lows of
155.63 and 122.10 and a 2-month low of 110.33, respectively. The
yen is seen finding resistance around 152.00 against the pound,
117.00 against the franc and 108.00 against the greenback.
The yen appreciated to a 2-day high of 90.86 against the loonie
and an 8-day high of 133.45 against the euro, after falling to
91.11 and 133.82, respectively in prior deals. The yen may test
resistance around 88.00 against the loonie and 129.00 against the
euro.
The yen edged up to 84.32 against the aussie, from an early low
of 84.53, and was steady thereafter. If the yen strengthens
further, 82.00 is likely seen as its next resistance level.
In contrast, the yen ticked down to 78.86 against the kiwi, from
a high of 78.66 seen at 10 pm ET. The yen may test support around
the 80 level, if it drops further.
Looking ahead, German and U.K. construction PMIs for May and
Eurozone retail sales for April will be released in the European
session.
U.S. and Canadian jobs data and Canada Ivey PMI, all for May, as
well as U.S. factory orders for April will be out in the New York
session.
Grafico Cross US Dollar vs Yen (FX:USDJPY)
Da Mar 2024 a Apr 2024
Grafico Cross US Dollar vs Yen (FX:USDJPY)
Da Apr 2023 a Apr 2024
