Japanese Yen Drops Amid Rising Risk Appetite
14 Maggio 2021 - 5:35AM
RTTF2
The Japanese yen fell against its major counterparts in the
Asian session on Friday amid rising risk appetite, as concerns
about higher inflation eased after comments from Federal Reserve
officials suggested that recent price pressures are transitory.
Most Asian stock markets rose, following the broadly positive
cues overnight from Wall Street, as indications of a strengthening
economy helped soothe some of the concerns about risks from
inflation.
Federal Reserve Governor Christopher Waller said Thursday the
factors putting upward pressure on inflation are temporary and the
spike may last through 2022.
The Fed would not overreact to temporary overshoots of
inflation, he added.
Data showing a drop in U.S. jobless claims to a 14-month low
last week also helped tame inflation worries.
Investors await U.S. retail sales for April and the preliminary
readings of the Michigan consumer sentiment index for May due later
in the day for more direction.
The yen dropped to 154.01 against the pound, 132.50 against the
euro and 109.66 against the greenback, after rising to 153.69 and
132.16 and a 2-day high of 109.35, respectively. The next likely
support for the yen is seen around 156 against the pound, 135.00
against the euro and 112.00 against the greenback. The yen
depreciated to a 5-1/2-year low of 121.09 against the franc, from a
high of 120.61 seen at 5:00 pm ET. If the yen continues its fall,
123.5 is possibly seen as its next support level.
The yen edged down to 78.71 against the kiwi and 84.76 against
the aussie, from its previous highs of 78.46 and 84.52,
respectively and held steady thereafter. The yen is poised to
challenge support around 82.00 against the kiwi and 87.00 against
the aussie.
The yen was trading lower at 90.11 versus the loonie, compared
to Thursday's close of 89.96. The yen is seen finding support
around the 92.00 region.
Looking ahead, at 7:30 am ET, the European Central Bank
publishes the account of the monetary policy meeting of the
Governing Council held on April 21-22.
Canada wholesale sales and manufacturing sales for March, U.S.
retail sales, export and import prices and industrial production,
all for April, University of Michigan's preliminary U.S. consumer
sentiment index for May and business inventories data for March are
scheduled for release in the New York session.
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