Yen Strengthens Amid Rising Risk Aversion
2019年2月28日 - 11:32AM
RTTF2
The Japanese yen strengthened against its most major
counterparts in the Asian session on Thursday amid rising risk
aversion, as comments by U.S. Trade Representative Robert
Lighthizer triggered uncertainty about U.S.-China trade deal.
Speaking before U.S. Congress, Lighthizer said that U.S. cannot
simply accept China's assurance to purchase more US agricultural
product and the outcome of ongoing trade talks could not be
predicted at this time.
Data showing that China's manufacturing sector shrank in
February for the third straight month and rising India-Pakistan
tensions also weighed on investor sentiment.
The manufacturing sector in China continued to contract in
February, and at a faster rate, the latest survey from the National
Bureau of Statistics revealed on Thursday with a manufacturing PMI
score of 49.2.
That missed expectations for a score of 49.5, which would have
been unchanged from the previous month. It also moves further
beneath the boom-or-bust line of 50 that separates expansion from
contraction.
The yen rose to 147.18 against the pound, 125.89 against the
euro and 110.70 against the greenback, from its early lows of
147.75, 126.23 and 111.00, respectively. If the yen rises further,
it may find resistance around 145.00 against the pound, 124.00
against the euro and 109.00 against the greenback.
The yen advanced to a 3-day high of 78.93 against the aussie and
a 6-day high of 75.71 against the kiwi, off its previous lows of
79.47 and 76.04, respectively. The yen is poised to challenge
resistance around 77.5 against the aussie and 74.00 against the
kiwi.
The yen reversed from an early low of 84.40 against the loonie,
rising to 84.09. The yen is seen finding resistance around the 82.5
level.
On the flip side, the yen held steady against the Swiss franc,
after falling to 111.08 at 12:15 am ET. At yesterday's close, the
pair was worth 110.82.
Looking ahead, Swiss KOF leading indicator for February is due
in the European session.
At 8:00 am ET, Federal Reserve Governor Richard Clarida will
speak at the National Association for Business Economics Policy
Conference, in Washington DC.
Canada current account data for the fourth quarter and
industrial product price index for January, U.S. weekly jobless
claims for the week ended February 23, advanced GDP data for the
fourth quarter and Chicago PMI for February are scheduled in the
New York session.
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