Yen Climbs Amid Risk Aversion On Italy Worries
2018年5月29日 - 04:14PM
RTTF2
The Japanese yen advanced against its major opponents in the
European session on Tuesday amid risk aversion, as investors
weighed political uncertainty in Spain and the prospect of fresh
elections in Italy, which could serve as a referendum on its euro
membership.
Italian President Sergio Mattarella appointed former
International Monetary Fund official Carlo Cottarelli as interim
Prime Minister until fresh elections, which is expected to be held
later this year or early 2019.
Markets fear a snap election will turn into referendum on
Italy's euro membership.
Adding to worries, Spanish Prime Minister Mariano Rajoy will
face a vote of confidence on Friday.
Data from the Ministry of Communications and Internal Affairs
showed that Japan's jobless rate came in at a seasonally adjusted
2.5 percent in April.
That was in line with expectations and unchanged from the March
reading.
The yen advanced to more than a 5-week high of 108.43 against
the greenback and more than a 2-week high of 109.23 against the
franc, off its early lows of 109.47 and 110.17, respectively. The
next possible resistance for the yen is seen around 106.00 against
the greenback and 107.00 against the franc.
The yen climbed to an 8-1/2-month high of 143.20 against the
pound and near a 1-year high of 125.10 against the euro, reversing
from its early lows of 145.71 and 127.28, respectively. If the yen
continues its rise, 142.00 and 122.00 are possibly seen as its next
resistance levels against the pound and the euro, respectively.
The yen strengthened to near a 3-week high of 81.61 against the
aussie, near 2-month high of 83.34 against the loonie and near a
7-month high of 74.99 versus the kiwi, coming off from its early
lows of 82.61, 84.24 and 75.96, respectively. The yen is likely to
find resistance around 80.00 against the aussie, 82.00 against the
loonie and 74.00 versus the kiwi.
Concerns over political instability in Italy sent the euro
lower.
The euro dropped to near a 1-year low of 1.1510 against the
greenback and near a 5-week low of 0.8698 against the pound, from
its early highs of 1.1640 and 0.8741, respectively. Next key
support for the euro is likely seen around 1.14 against the
greenback and 0.86 against the pound.
The single currency dropped to 1.1447 against the franc, its
lowest since February 28. The euro is seen finding support around
the 1.13 level.
The 19-nation currency fell to near a 5-month low of 1.4987
versus the loonie, near 4-month low of 1.5316 against the aussie
and more than 4-month low of 1.6657 against the kiwi, reversing
from its early highs of 1.5112, 1.5455 and 1.6786, respectively.
The euro is poised to challenge support around 1.49 versus the
loonie, 1.51 against the aussie and 1.65 against the kiwi.
Looking ahead, S&P/Case-Shiller home price index for March
and U.S. consumer confidence index for May are due in the New York
session.
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