Yen Strengthens Amid Risk Aversion On Global Growth Worries
18 Dicembre 2018 - 6:33AM
RTTF2
The Japanese yen spiked up against its major counterparts in the
early European session on Tuesday amid risk aversion, as global
growth worries escalated and oil prices fell for a third straight
session on concerns about oversupply.
With a key speech by Chinese President Xi Jinping offering no
new specific measures for the implementation of reforms, investors
now await the Federal Reserve's monetary policy guidance for clues
about future rate hikes.
The Fed begins its two-day policy meeting later today and is
expected to raise rates for a fourth time this year. However, the
accompanying statement is likely to be dovish amid mounting risks
to global growth.
Germany's business confidence slid to its lowest level in over
two years, in another indication pointing to a slowdown in growth
momentum in Europe's largest economy.
Survey results from the Ifo Institute showed that German
business climate index dropped to 101 from 102 in November.
Economists had expected a score of 101.7.
The currency was trading higher against its major rivals in the
Asian session.
The yen spiked up to an 8-day high of 112.29 against the
greenback, from a low of 112.86 seen at 5:30 pm ET. The next
possible resistance for the yen is seen around the 110.00
level.
The Japanese currency climbed to near 2-week highs of 113.26
against the franc and 83.76 against the loonie, from its early lows
of 113.67 and 84.16, respectively. The yen is seen finding
resistance around 111.00 against the franc and 82.5 against the
loonie.
Reversing from an early low of 142.46 against the pound, the yen
firmed to a 6-day high of 141.94. If the yen rises further, 140.00
is likely seen as its next resistance level.
The yen strengthened to an 8-day high of 80.74 against the
aussie, after falling to 81.21 at 5:30 pm ET. On the upside, 78.5
is possibly seen as its next resistance level.
The yen held steady against the euro, following near a 2-week
peak of 127.65 touched at 2:25 am ET. The pair closed Monday's
deals at 128.03.
The yen bounced off to 77.12 against the kiwi, from a 4-day low
of 77.41 seen at 3:30 am ET. The yen is poised to find resistance
around the 75.00 region.
Looking ahead, Canada manufacturing sales for October, U.S.
housing starts and building permits for November are set for
release in the New York session.
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