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Forex News: Yen Rises As Asian Markets Trades Mostly Lower

Yen Rises As Asian Markets Trades Mostly Lower

01/10/2017 - 01:42:00 (RTTNews)

(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Tuesday amid rising risk aversion, tracking the lackluster cues from Wall Street and the plunge in crude oil prices overnight. Worries about the likelihood of a "hard Brexit" also weighted on investor sentiment.

Crude oil futures tumbled Monday amid concerns that non-OPEC producers will ramp up production.

Meanwhile, the Japanese market was closed on Monday for the "Coming of Age Day" holiday.

In other economic news, data from the Cabinet Office showed that Japan's consumer confidence index improved to 43.1 in December from 40.9 in the prior month. This was the highest since September 2013, when the score was 45.4.

Data from the National Bureau of Statistics showed that consumer prices in China were up 2.1 percent on year in December. That was shy of expectations for 2.2 percent, and down from 2.3 percent in November.

On a monthly basis, inflation added 0.2 percent after gaining 0.1 percent a month earlier.

The bureau also said that producer prices jumped an annual 5.5 percent versus expectations for 4.6 percent, and up from 3.3 percent in the previous month.

Monday, the yen showed mixed trading against the other major currencies. While the yen rose against the pound, it fell against the euro, the Swiss franc and the U.S. dollar.

In the Asian trading, the yen rose to 4-day highs of 122.35 against the euro, 115.19 against the U.S. Dollar, and 87.24 against the Canadian dollar, from yesterday's closing quotes of 122.65, 116.01 and 87.77, respectively. If the yen extends its uptrend, it is likely to find resistance around 120.00 against the euro, 112.00 against the greenback and 83.00 against the loonie.

Against the pound and the Swiss franc, the yen advanced to nearly a 1-1/2-month high of 140.20 and a 5-day high of 113.90 from yesterday's closing quotes of 141.06 and 114.24, respectively. The yen is likely to find resistance around 137.00 against the pound and 111.00 against the franc.

Against the Australian and the New Zealand dollars, the yen climbed to 4-day highs of 85.05 and 81.14 from yesterday's closing quotes of 85.32 and 81.38, respectively. The yen may test resistance near 82.00 against the aussie and 79.00 against the kiwi.

Looking ahead, Swiss unemployment rate for December is due to be released in the pre-European session at 1:45 am ET.

In the New York session, Canada housing starts for December and building permits for November, U.S. NFIB small business index for December and U.S. wholesale inventories for November are slated for release.

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