Yen Falls As Asian Stock Markets Traded Higher
15 Dezember 2023 - 2:19AM
RTTF2
The Japanese yen weakened against other major currencies in the
Asian session on Friday, as Asian stock markets traded higher,
following the dovish comments from the U.S. Fed, signaling a series
of interest rate cuts next year, continued to aid sentiment.
The Fed left interest rates unchanged and hinted at three rate
reductions in 2024, citing easing inflation and slowing economic
growth.
In economic news, data from Jibun Bank showed that the
manufacturing sector in Japan continued to contract in December,
and at a faster pace, with a flash Performance of Manufacturing
Index score of 47.7. That's down from 48.3 in November. The survey
also showed that the services index improved to 52.0 in December
from 50.8 in November.
On Thursday, the yen rose against its major rivals. In the Asian
trading now, the yen fell to 2-day lows of 156.50 against the euro,
181.74 against the pound and 164.22 against the Swiss franc, from
yesterday's closing quotes of 155.93, 181.11 and 163.48,
respectively. If the yen extends its downtrend, it is likely to
find support around 160.00 against the euro, 186.00 against the
pound and 169.00 against the franc.
The yen edged down to 142.47 against the U.S. dollar, from
Thursday's closing value of 141.87. On the downside, 149.00 is seen
as the next support level for the yen.
Against the Australia and the New Zealand dollars, the yen
slipped to 95.44 and 88.44 from yesterday's closing quotes of 95.01
and 88.03, respectively. The yen may test support near 96.00
against the aussie and 91.00 against the kiwi.
The yen dropped to a 2-day low of 106.23 against the Canadian
dollar. At yesterday's close, the yen was trading at 105.81 against
the loonie. The next possible downside target for the yen is seen
around the 110.00 region.
Looking ahead, PMI reports from various European economies and
U.K. for December and Eurozone foreign trade and labor cost reports
for November are due to be released in the European session.
In the New York session, Canada housing starts for November,
wholesale sales data for October, U.S. industrial and manufacturing
production for November, U.S. S&P Global manufacturing PMI
reports for December and U.S. Baker Hughes rig count data are
slated for release.
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