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Forex News: Yen Extends Fall Amid BOJ Bond Buying, Rising

Yen Extends Fall Amid BOJ Bond Buying, Rising Risk Appetite

01/27/2017 - 01:45:00 (RTTNews)

(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Friday, as the nation's central bank announced to buy debt. Meanwhile, Asian markets traded higher, though gains are modest following the mixed cues from Wall Street and higher crude oil prices. Some of the markets are closed for the Lunar New Year holidays.

The Bank of Japan announced to buy 450 billion Yen of 5 to 10 year government debt, from 410 billion Yen. Traders fears eased that the central bank is likely to provide some hints on tapering at its policy decision to be held next week.

Investors are also treading cautiously after the U.S.-Mexico crisis deepened. Amid a dispute over who will pay for a wall on the U.S.-Mexico border, Mexican President Enrique Pena Nieto pulled out of a planned meeting next week with U.S. President Donald Trump.

Meanwhile, crude for March delivery is currently up by 0.03 percent or $53.81 per barrel. The crude oil prices advances as OPEC members is likely to cut supplies to reduce a global glut. On the economic front, the Ministry of Internal Affairs and Communications said that consumer prices in Japan climbed 0.3 percent on year in December. That topped expectations for 0.2 percent but was down from 0.5 percent in November.

Core consumer prices, which exclude food, sank an annual 0.2 percent. That also beat forecasts for a decline of 0.3 percent following the 0.4 percent contraction a month earlier.

Thursday, the yen fell 0.32 percent against the euro, 0.57 percent against the pound, 0.76 percent against the U.S. dollar, and 0.74 percent against the Swiss franc.

In the Asian trading, the yen fell to 1-week low of 122.79 against the euro and 115.04 against the U.S. dollar, from yesterday's closing quotes of 122.31 and 114.51, respectively. If the yen extends its downtrend, it is likely to find support around 125.00 against the euro and 118.00 against the greenback.

Against the pound and the Swiss franc, the yen dropped to more than a 3-week low of 144.78 and nearly a 3-week low of 114.94 from yesterday's closing quotes of 144.16 and 114.49, respectively. The yen may test support near 149.00 against the pound and 116.00 against the franc.

Against the Australian, the New Zealand and the Canadian dollars, the yen slipped to a 1-week low of 86.63, nearly a 1-1/2-month low of 83.34 and more than a 2-week low of 87.75, respectively. The yen is likely to find support around 88.00 against the aussie, 84.00 against the kiwi and 89.00 against the loonie.

Meanwhile, the New Zealand dollar strengthened against the other major currencies amid rising risk appetite.

The NZ dollar advanced to 0.7253 against the U.S. dollar, 1.4725 against the euro, and 1.0381 against the Australian dollar, from yesterday's closing values of 0.7243, 1.4736 and 1.0394, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.74 against the greenback, 1.45 against the euro, and 1.02 against the aussie.

Looking ahead, the German import price index for December is due to be released in the pre-European session at 2:00 am ET.

Eurozone M3 money supply data for December is slated for release at 4:00 am ET.

In the New York session, U.S. durable goods orders for December, first estimate GDP data for the fourth quarter, U.S. Baker Hughes rig count data and U.S. University of Michigan's final consumer sentiment index for January are set to be published.

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