Yen Falls After Downbeat Japan GDP Data
17 Febbraio 2020 - 05:36AM
RTTF2
The Japanese yen slipped against most of its major counterparts
on Monday, as the economy contracted at the fastest pace in six
years.
Japan's gross domestic product contracted by an annualized 6.3
percent in the fourth quarter of 2019, according to a preliminary
report from the Cabinet Office.
That was well shy of expectations for a decline 3.8 percent
following the 0.5 percent increase in the three months prior.
On a seasonally adjusted quarterly basis, GDP sank 1.6 percent -
again missing forecasts for a decline of 1.0 percent following the
0.1 percent gain in the third quarter.
Nominal GDP was down 1.2 percent on quarter, missing
expectations for a drop of 0.6 percent after gaining 0.6 percent in
the previous three months.
Final data from the Ministry of Economy, Trade and Industry
showed that Japan industrial production rose at a softer pace in
December, than in the initial estimate.
Industrial production rose a seasonally adjusted 1.2 percent
month-on-month in December. In the initial estimate, production
increased 1.3 percent.
Investors cheered China's economic stimulus to counter the
fallout from the coronavirus outbreak.
The PBoC conducted medium-term lending facility operations worth
RMB200 billion and 7-day reverse repo operations worth RMB100
billion to preserve liquidity in the banking system.
The yen fell against the greenback, reaching as low as 109.87.
On the downside, 111.00 is probably seen as the next support level
for the yen.
After rising to 118.91 at 7:00 pm ET, the yen eased back and
dropped to 119.12 against the euro. The yen is seen challenging
support around the 120.5 level.
The yen was down against the franc at 111.93. At last week's
close, the pair was trading at 111.77. Should the yen slides
further, 113.00 is likely seen as its next support level.
The yen fell to a 4-day low of 83.00 against its Canadian rival
from Friday's closing quote of 82.84. The yen is likely to face
around support near the 84.00 mark.
The Japanese currency weakened as low as 73.95 against the
aussie, after gaining to 73.70 at 7:00 pm ET. Immediate support for
the yen is possibly seen around the 76.5 level.
On the other hand, the yen was modestly up at 143.22 against the
pound, after showing weakness in the previous session, when it
dropped to 143.37. The yen may test resistance around the 142.00
level, if it rallies again.
The yen was higher against the kiwi at 70.65, reversing from a
4-day fall of 70.81 it set at 6:30 pm ET. The next likely
resistance for the yen is found around the 69.00 mark.
US markets remain closed in observance of President's Day
holiday.
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