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Forex News: Yen Drops On Trade Optimism

Yen Drops On Trade Optimism

01/08/2019 - 05:29:00 (RTTNews)

(RTTNews) - The Japanese yen declined against its major counterparts in the early European session on Tuesday, as European shares rose amid optimism over U.S.-China trade talks as U.S. officials held a second day of trade talks with Chinese counterparts in Beijing.

The second day of negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un, with some analysts saying China could use Mr Kim's visit as a bargaining chip in the U.S. trade talks.

Speaking to CNBC, U.S. Commerce Secretary Wilbur Ross said Monday that there is "a very good chance" that the United States and China will reach a trade agreement.

Preliminary data from the Cabinet Office showed that Japan's consumer confidence weakened for a third consecutive month in December.

The consumer confidence index for households with two or more persons fell to a seasonally adjusted 42.7 from 42.9 in November. Economists had forecast a score of 42.8 for December.

The currency has been trading in a negative territory against its major counterparts in the Asian session.

The yen dropped to a 6-day low of 109.09 against the greenback, from a high of 108.51 hit at 8:45 pm ET. The next possible support for the yen is seen around the 110.00 level.

The yen eased back to 124.80 against the euro, not far from a 6-day low of 124.86 seen at 7:15 pm ET. On the downside, 126.00 is likely seen as the next support level for the yen.

Reversing from an early high of 110.63 against the franc, the yen weakened to a 6-day low of 111.18. The yen is likely to challenge support around the 112.5 level.

The yen slipped to near a 3-week low of 82.12 against the loonie, 6-day low of 73.53 against the kiwi and an 8-day low of 77.75 against the aussie, from its early highs of 81.58, 73.18 and 77.41, respectively. The yen is poised to challenge support around 83.00 against the loonie, 75.00 against the kiwi and 80.00 against the aussie.

The yen depreciated to 139.44 against the pound, its lowest level since January 2. If the yen falls further, 140.00 is possibly seen as its next support level. Looking ahead, U.S. consumer credit and U.S. and Canadian trade data, all for November, are due in the New York session.

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