Yen Falls Amid Risk Appetite
The Japanese yen weakened against other major currencies in the
Asian session on Monday, as investor sentiment reacted positively
to the resolution of the U.S. debt ceiling crisis after it was
signed into law by U.S. President Joe Biden. They also reacted to
solid U.S. employment data and easing fears of recession.
In economic news, the services sector in Japan continued to
expand in May and at a faster pace, the latest survey from Jibun
Bank showed on Monday with a services PMI of 55.9. That's up from
55.4 in April, and it moves further above the boom-or-bust line of
50 that separates expansion from contraction. The survey also
showed that the composite index grew from 52.9 in April to 54.3 in
Crude oil prices rallied after Saudi Arabia pledged about
production cuts of another 1 million barrels per day from July.
West Texas Intermediate Crude oil futures for July ended higher by
$1.64 or 2.3 percent at $71.74 a barrel. Brent crude futures was at
$78.42 a barrel, up $2.29, or 3 percent, after hitting a
session-high of $78.73 a barrel earlier.
In the Asian trading today, the safe-haven yen fell to a 6-day
low of 150.05 against the euro from Friday's closing at 149.82. The
yen may test support near the 154.00 region.
Against the U.S. dollar and the Swiss franc, the yen dropped to
5-day lows of 140.26 and 154.15 from last week's closing quotes of
139.91 and 153.94, respectively. If the yen extends its downtrend,
it may find support around 142.00 against the greenback and 156.00
against the franc.
The yen edged down to 174.37 against the pound, from Friday's
closing of 174.12. On the downside, 176.00 is seen as the next
support level for the yen.
Against the Australia and the Canadian dollars, the yen slipped
to more than a 4-month low of 92.61 and more than a 6-month low of
104.45 from Friday's closing quotes of 92.39 and 104.16,
respectively. The yen may test support near 94 against the aussie
and 106 against the loonie.
Moving away from Friday's closing value of 84.74 against the NZ
dollar, the yen slipped to a 6-day low of 84.96. The next possible
downside target level for the yen is seen around the 88.00
Looking ahead, Switzerland inflation data for May is due to be
released at 2:30 am ET, in the pre-European session.
In the European session, PMI data for May from different
European economies and U.K and Eurozone PPI for April are slated
In the New York session, U.S. PMI data for May and factory
orders for April are set to be released.
CAD vs Yen (FX:CADJPY)
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