Japanese Yen Weakens On Fed Hopes
The Japanese yen slipped against its major counterparts in the
early European session on Friday amid improved risk sentiment, as
soft ADP private sector payrolls data fueled expectations that the
Federal Reserve is likely to adopt a less aggressive stance on rate
hikes.
Investors await U.S. jobs data due later today that is expected
to show a slowdown in job growth in May.
Economists expect a gain of 325,000 jobs in May following an
increase of 428,000 jobs in the previous month. The unemployment
rate is expected to fall to 3.5 percent from 3.6 percent.
Fed Vice Chair Lael Brainard told CNBC it's "very hard to see
the case for a pause" in rate hikes and the central bank still has
"a lot of work to do to get inflation down to the 2 percent
target."
The latest survey from Jibun Bank showed that Japan services
sector in Japan continued to expand in May, and at a faster rate,
with a services PMI score of 52.6.
That's up from 50.7 in April, and it moves further above the
boom-or-bust line of 50.
The yen fell to more than a 6-week low of 135.89 against the
franc and a 4-week low of 163.51 against the pound, off its prior
highs of 135.35 and 163.06, respectively. The next likely support
for the yen is seen around 138.00 against the franc and 167.00
against the pound.
The yen declined to a fresh 6-week low of 139.85 against the
euro and a 7-1/2-year low of 103.48 against the loonie, from its
early highs of 139.40 and 103.10, respectively. The yen may
challenge support around 141.00 against the euro and 105.00 against
the loonie.
The yen reversed from an early high of 129.69 against the
greenback, edging down to 130.05. The yen is likely to face support
around the 132.00 level.
In contrast, the yen held steady against the kiwi and the
aussie, after having rebounded to 85.00 and 94.10, from a fresh
5-week low of 85.39 and a 6-week low of 94.57, respectively hit in
the previous session. The yen had ended yesterday's deals at 85.09
against the kiwi and 94.29 against the aussie.
Looking ahead, U.S. jobs data and ISM non-manufacturing PMI for
May will be released in the New York session.
AUD vs Yen (FX:AUDJPY)
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