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Forex News: Yen Extends Slide Amid Risk Appetite

Yen Extends Slide Amid Risk Appetite

06/02/2017 - 03:17:00 (RTTNews)

(RTTNews) - The Japanese yen continued to be weak against other major currencies in the Asian session on Friday, as Asian stock markets traded higher, tracking the overnight gains on Wall Street following the release of some upbeat economic data, including a report from payroll processor ADP showing a jump in private sector employment in May.

The U.S. Labor Department's monthly jobs report is likely to be in focus later today, as the data could have a significant impact on the outlook for interest rates.

Meanwhile, U.S. President Donald Trump announced his widely anticipated decision to withdraw from the landmark Paris climate accord that seeks to reduce carbon emissions and slow the effects of climate change.

In economic news, the Bank of Japan said that the monetary base in Japan climbed 19.4 percent on year in May, standing at 455.995 trillion yen. That follows the 19.8 percent jump in April.

Thursday, the yen had fallen 0.44 percent against the euro, 0.55 percent against the pound, 0.22 percent against the U.S. dollar and 0.38 percent against the Swiss franc.

In the Asian trading, the yen fell to 1-week lows of 125.27 against the euro, 143.95 against the pound and 111.68 against the U.S. dollar, from yesterday's closing quoteso of 124.85, 143.42 and 111.36, respectively. If the yen extends its downtrend, it is likely to find support around 126.00 against the euro, 146.00 against the pound and 113.00 against the greenback.

Against the Swiss franc, the yen dropped to an 8-day low of 114.98 from yesterday's closing value of 114.59. The yen may test support near the 116.00 region.

The yen edged down to 82.48 against the Australian dollar, from yesterday's closing value of 82.13. On the downside, 85.00 is seen as the next support level for the yen.

Against the New Zealand and the Canadian dollars, the yen slipped to a 2-day low of 78.94 and a 3-day low of 82.65 from yesterday's closing quotes of 78.63 and 82.39, respectively. The yen is likely to find support around 85.00 against the aussie, 79.00 against the kiwi and 84.00 against the loonie.

Looking ahead, U.K. construction PMI for May and Eurozone PPI for April are due to be released later in the day.

In the New York session, Canada and U.S. trade data for April, U.S. jobs data for May and U.S. Baker Hughes rig count data are slated for release later in the day.

At 12:45 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak on the economic outlook and the Federal Reserve Bank of Philadelphia's Economic Growth and Mobility Project before the Pennsylvania Economic Association 2017 Conference, in Reading, Pennsylvania.

At 1:00 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan is expected to speak at a Q&A at the City of Addison Economic Development Luncheon, in Addison, Texas.

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