Yen Rises Amid Speculation On Fx Market Intervention
2024年7月5日 - 12:52PM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Friday, as speculation rose that the Japanese
authorities have intervened the currency market to prop up the
currency.
Traders remain cautious ahead of the crucial U.S. monthly jobs
report later in the day for cues on the outlook for interest
rates.
In economic news, data released by the Ministry of Internal
Affairs and Communications showed that Japan's household spending
logged an unexpected decline in May as higher prices weighed on
consumption. Household spending declined 1.8 percent on a yearly
basis, confounding expectations for an increase of 0.2 percent.
Spending had advanced 0.5 percent in April, which was the first
growth in 14 months.
Month-on-month, household spending dropped 0.3 percent, sharper
than the 1.2 percent decrease in April. Economists were expecting a
0.5 percent rise.
Also, data from the Cabinet Office showed that Japan's leading
index improved somewhat in May after falling to a three-month low
in April. The leading index, which measures future economic
activity, rose to 111.1 in May from 110.9 in the previous month.
That was in line with expectations.
Meanwhile, the coincident index improved to 116.5 in May from
115.2 a month ago. Further, this was the highest score since
September 2019. The coincident index measures the current economic
situation.
In the Asian trading today, the yen rose to 2-day highs of
173.72 against the euro and 204.99 against the pound, from
yesterday's closing quotes of 174.33 and 205.74, respectively. If
the yen extends its uptrend, it is likely to find resistance around
171.00 against the euro and 202.00 against the pound.
Against the U.S. dollar, the yen climbed to a 1-week high of
160.53 from Thursday's closing value of 161.25. The USD/JPY may
test resistance around the 158.00 region.
The yen edged up to 178.68 against the Swiss franc, from
yesterday's closing value of 179.11. The CHF/JPY pair is likely to
find its next resistance level around the 175.00 region.
Moving away from an early 33-year low of 108.60 against the
Australian dollar, the yen advanced to a 2-day high of 108.14. The
next possible upside target of AUD/JPY pair is seen around the
105.00 region.
Against the New Zealand and the Canadian dollars, the yen
climbed to a 2-day high of 98.25 and 117.94 from yesterday's
closing quotes of 98.57 and 118.43, respectively. On the upside,
95.00 against the kiwi and 115.00 against the loonie are seen as
the next resistance levels for the yen.
Looking ahead, Eurozone retail prices data for May is due to be
released in the European session on 5:00 am ET.
In the New York session, U.S. and Canada jobs data for June,
Canada leading index for June and Canada Ivey's PMI for June and
U.S. Baker Hughes oil rig count data are slated for release.
Euro vs Yen (FX:EURJPY)
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