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Forex News: Yen Falls Amid Political Worries

Yen Falls Amid Political Worries

03/13/2018 - 08:40:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against its major rivals in the European session on Tuesday, amid continued political worries over a suspected cronyism scandal linking Prime Minister Shinzo Abe's government.

Abe came under criticism after the Finance Ministry admitted on Monday that it had altered documents over a discounted state land sale to a school project.

Aso said on Monday that he had no plans to quit office, resisting demand from the opposition.

Survey by broadcaster NHK showed that the popularity of Abe's government dropped two points to 44 percent from last month.

European shares are mixed, as investors await U.S. inflation data due later in the day for clues about the rate outlook. The Federal Reserve is expected to raise interest rates four times this year if inflation picks up.

In economic news, the Bank of Japan said that producer prices in Japan were flat on month in February. That was shy of expectations for an increase of 0.2 percent and down from 0.3 percent in January.

The yen has been trading in a negative territory against its major rivals in the Asian session.

The yen slipped to a weekly low of 113.17 against the franc, near 3-week low of 132.37 against the euro and near a 2-week low of 149.01 against the pound, from its early highs of 112.18, 131.11 and 147.77, respectively. The next possible support for the yen is seen around 116.00 against the franc, 135.00 against the euro and 151.00 against the pound.

The yen dropped to near 3-week lows of 78.59 versus the kiwi and 84.46 against the aussie, off its early high of 77.56 and a 4-day high of 83.63, respectively. On the downside, 80.00 and 86.00 are likely seen as next support levels for the yen versus the kiwi and the aussie, respectively.

The yen fell to near a 2-week low of 107.27 against the greenback, reversing from an early 4-day high of 106.25. The yen is seen finding support around the 110.0 level.

The yen weakened to 83.44 against the loonie, from an early 4-day high of 82.74. If the yen drops further, it may find support around the 85.00 area.

Looking ahead, at 10:15 am ET, the Bank of Canada Governor Stephen Poloz delivers a speech titled "Today's Labour Market and the Future of Work" at Queen's University in Ontario.

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