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Forex News: Yen Extends Weakness Against Majors

Yen Extends Weakness Against Majors

06/09/2017 - 10:12:00 (RTTNews)

(RTTNews) - The Japanese yen extended its decline against its major rivals in the early New York deals on Friday, on the back of the Bank of Japan governor Haruhiko Kuroda's comments that the era of ultra-loose monetary policy has too long to go to attain price stability target.

"There is still a long way to go until the price stability target of 2 percent is achieved," Kuroda said in a speech on Thursday in Oxford, England.

The yen that closed Thursday's trading at 110.03 against the greenback slipped to a weekly low of 110.81.

The yen weakened to 79.70 against the kiwi, its weakest since March 16.

The yen edged down to 114.05 versus the Swiss franc and 123.79 versus the euro, from its early high of 113.29 and a 2-day high of 122.81, respectively.

The yen slid to a weekly low of 82.32 versus the loonie, near 2-month low of 79.70 against the kiwi and a 2-week low of 83.34 against the aussie, off its previous highs of 81.05, 78.97 and 82.59, respectively.

The yen is likely to find support around 112.00 against the greenback, 115.00 against the franc, 125.00 against the euro, 142.00 against the pound, 83.5 against the loonie, 84.00 against the aussie and 80.5 against the kiwi.

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