Japanese Yen Advances On Recession Concerns
The Japanese yen was higher against its major counterparts in
the Asian session on Friday, as recession fears intensified
following a data showing a contraction in U.S. economic growth for
a second straight quarter.
Overnight data showed that the U.S. economy unexpectedly
contracted in the second quarter, triggering fears of
U.S. treasury yields fell after the data, narrowing interest
rate differentials against their Japanese counterpart.
At the Politburo meeting, China's top leaders failed to mention
the full-year GDP growth target and instead said that the country
will try hard to achieve the best possible results this year.
Data from the Ministry of Economy, Trade and Industry showed
that Japan industrial output was up a seasonally adjusted 8.9
percent on month in June.
That beat forecasts for an increase of 3.7 percent following the
7.5 percent contraction in May.
The yen advanced to more than a 2-month high of 135.63 against
the euro and a 1-1/2-month high of 132.50 against the greenback,
after dropping to 137.33 and 134.67, respectively in early deals.
If the yen strengthens further, it is likely to test resistance
around 134.00 against the euro and 130.00 against the
The yen approached more than 2-week highs of 139.33 against the
franc and 161.94 against the pound, up from its prior lows of
141.06 and 163.90, respectively. The yen is likely to find
resistance around 132.00 against the franc and 160.00 against the
The yen was up against the kiwi, at more than a 2-week high of
83.79. On the upside, 80.00 is possibly seen as its next resistance
The yen moved up to a fresh 2-week high of 93.00 against the
aussie and more than a 3-week high of 103.55 against the loonie,
rebounding from its early lows of 94.27 and 105.16, respectively.
The yen may locate resistance around 90.5 against the aussie and
102.00 against the loonie.
Looking ahead, U.K. mortgage approvals for June, German jobless
rate for July and Eurozone flash GDP data for the second quarter
and flash inflation data for July are due in the European
Canada GDP data for May, U.S. personal income and spending data
for June and University of Michigan's final consumer sentiment
index for July are set for release in the New York session.
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