Yen Strengthens On Virus Worries
The Japanese yen advanced against its major rivals in the Asian
session on Wednesday amid rising risk aversion, as coronavirus
cases surge in Europe and the U.S. and on receding hopes for a
stimulus package in the U.S. before the election.
Concerns over stimulus intensified after Trump admitted that
talks have collapsed for a coronavirus stimulus package before
"After the election, we will get the best stimulus package you
have ever seen," Trump told reporters at the White House.
U.S. election uncertainty looms, with recent polls showing
former Vice President Joe Biden with a narrow lead over President
French President Emmanuel Macron is expected to announce a
nationwide lockdown from midnight on Thursday.
In Germany, Chancellor Angela Merkel is expected to push for a
"lockdown light" in crisis talks with regional leaders today to
break the new wave of infections, according to the Bild daily.
Three major central banks are due to hold monetary policy
meetings today and tomorrow. The Bank of Canada and Bank of Japan
are likely to hold fire for now, while the the European Central
Bank is expected to sound cautious on inflation and growth due to
surging coronavirus cases in Europe.
The yen climbed to a 9-day high of 135.90 against the pound and
more than a 5-week high of 104.17 versus the greenback, from its
prior lows of 136.28 and 104.56, respectively. The yen is likely to
challenge resistance around 132 against the pound and 101 versus
After falling to 123.19 against the euro and 115.03 against the
franc in early deals, the yen spiked up to more than a 4-week high
of 122.66 and more than a 3-week high of 114.49, respectively. The
next likely resistance for the yen is seen around 121.00 against
the euro and 112.5 against the franc.
The yen appreciated to near a 4-week high of 78.95 against the
loonie and a 5-day high of 69.83 against the kiwi, reversing from
its early lows of 79.27 and 70.09, respectively. If the yen rises
further, 76.5 and 68.00 are likely seen as its next resistance
levels against the loonie and against the kiwi, respectively.
The yen rose back to 74.35 against the aussie and is on track to
pierce a 6-day high of 74.21 set at 5:00 pm ET. On the upside,
72.00 is possibly seen as its next resistance level.
Looking ahead, U.S. wholesale inventories and advance goods
trade balance for September will be published in the New York
At 10:00 am ET, the Bank of Canada announces decision on
interest rates. Economists forecast the benchmark rate to remain at
NZD vs Yen (FX:NZDJPY)
から 12 2020 まで 1 2021
NZD vs Yen (FX:NZDJPY)
から 1 2020 まで 1 2021