Yen Weakens Amid Risk Appetite
2019年1月11日 - 12:40PM
RTTF2
The Japanese yen dropped against its major counterparts in the
Asian session on Friday amid risk appetite, as Asian shares rose
amid optimism that the U.S. and China will eventually reach a
long-term trade deal. Comments by the Federal Reserve Chairman
Jerome Powell that the U.S. central bank would be patient about
raising interest rates also boosted sentiment.
In a speech on Thursday, Powell predicted no recession in 2019
and underscored the message of patience with further interest-rate
hikes.
Fed Vice Chairman Richard Clarida also said the Fed could afford
to take a wait-and-see stance on interest rates if headwinds to the
economy from financial markets or global growth prove
persistent.
Data from the Ministry of Finance showed that Japan had a
current account surplus of 757.2 billion yen in November. That
exceeded expectations for a surplus of 566.3 billion yen and was
down from 1,309.9 billion yen in October.
The trade balance reflected a deficit of 559.1 billion yen
versus expectations for a shortfall of 612.6 billion yen, following
the 321.7 billion yen deficit in the previous month.
The Bank of Japan said that overall bank lending in Japan was up
2.4 percent on year in December, coming in at 534.545 trillion yen.
That follows the 2.1 percent increase in November.
The yen slipped to a 2-day low of 82.13 against the loonie,
11-day low of 74.05 against the kiwi and more than a 2-week low of
78.23 against the aussie, from its early highs of 81.79, 73.45 and
77.81, respectively. The yen is seen finding support around 84.5
against the loonie, 76.00 against the kiwi and 80.00 against the
aussie.
Having climbed to a 4-day high of 110.05 against the franc at
6:45 pm ET, the yen reversed direction and declined to 110.33. If
the yen falls further, 112.5 is likely seen as its next support
level.
The yen dropped to 125.00 against the euro and 138.37 against
the pound, off its previous highs of 124.62 and 138.08,
respectively. The next likely support for the yen is seen around
128.00 against the euro and 140.00 against the pound.
The yen pared gains to 108.43 against the greenback, from an
early high of 108.23. On the downside, 112.00 is possibly seen as
the next support level for the yen.
Looking ahead, U.K. industrial production, trade data and GDP
for November are due in the European session.
In the New York session, U.S. CPI and monthly budget statement
for December are scheduled for release.
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