Yen Climbs Amid Risk Aversion
30 Januar 2018 - 03:53AM
RTTF2
The Japanese yen strengthened against its major counterparts in
the Asian session on Tuesday, as Asian shares fell following weak
cues from Wall Street overnight, as Apple shares plunged on reports
of cuts to iPhone X production.
The Federal Reserve begins its two-day policy meeting later
today, with economists expecting it to keep interest rates
unchanged.
The gathering is the last one under the leadership of Janet
Yellen.
Data from the Ministry of Economy, Trade and Industry showed
that Japan retail sales rose a seasonally adjusted 0.9 percent on
month in December.
That beat forecasts for a decline of 0.4 percent following the
1.8 percent gain in November.
Meanwhile, the unemployment rate in Japan came in at a
seasonally adjusted 2.8 percent in December, above expectations for
2.7 percent, which would have been unchanged.
The Ministry of Internal Affairs and Communications said that
the average of household spending in Japan dipped 0.1 percent on
year in December, coming in at 322,157 yen. That was shy of
expectations for an increase of 1.3 percent following the 1.7
percent gain in November.
The yen advanced to 108.61 against the greenback, off its early
low of 109.20. The yen is seen finding resistance around the 106.00
level.
The yen strengthened to near a 3-week high of 134.26 against the
euro, 5-day high of 115.78 against the franc and near a 2-week high
of 152.44 against the pound, reversing from its early lows of
135.00, 116.30 and 153.39, respectively. The next possible
resistance for the yen is seen around 131.00 against the euro,
114.00 against the franc and 151.00 against the pound.
Reversing from its early lows of 88.38 against the loonie, 88.31
against the aussie and 79.91 against the kiwi, the yen hit a
1-1/2-month high of 87.88, near 3-week high of 87.64 and near a
4-week high of 79.53, respectively. If the yen rises further, it
may find resistance around 85.00 against the loonie, 77.00 against
the kiwi and 85.00 against the aussie.
Looking ahead, Swiss KOF leading indicator for January, U.K.
mortgage approvals and M4 money supply for December, Eurozone
economic confidence for January and advanced GDP data for the
fourth quarter are set for release in the European session.
At 8:00 am ET, German preliminary CPI for January is due.
In the New York session, S&P/Case-Shiller home price index
for November and U.S. consumer confidence for January will be
out.
The Bank of England Governor Mark Carney testifies before the
House of Lords Economic Affairs Committee, in London, at 10:30 am
ET.
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