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Forex News: Yen Slides Amid Risk Appetite On Easing Trade

Yen Slides Amid Risk Appetite On Easing Trade Worries

05/21/2018 - 03:16:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against its major counterparts in Asian deals on Monday amid risk appetite, as the U.S. and China agreed to set up a framework for addressing trade imbalances in the future, helping ease fears of a looming trade war.

U.S. Treasury Secretary Steven T. Mnuchin signaled a more cooperative path for trade deals with China as Beijing reportedly promised to ramp up purchases of American goods and services to reduce the trade deficit.

Mnuchin said that both sides had agreed to suspend the imposition of tariffs against each other.

Data from the Ministry of Finance showed that Japan logged a merchandise trade surplus of 626.0 billion yen in April.

That exceeded expectations for a surplus of 440.0 billion yen following the downwardly revised 797.0 billion yen surplus in March.

The yen fell to more than a 4-month low of 111.37 against the greenback and near a 4-week low of 111.46 against the franc, from its early highs of 110.82 and 111.03, respectively. On the downside, 114.00 and 113.00 are likely seen as the next support levels for the yen against the greenback and the franc, respectively.

The yen slipped to 130.86 against the euro and 149.65 against the pound, off its previous highs of 130.38 and 149.10, respectively. If the yen continues its fall, 133.00 and 153.00 are possibly seen as its next support levels against the euro and the pound, respectively.

Reversing from an early high of 86.03 against the loonie, the yen weakened to 86.52. The next possible support for the yen is seen around the 88.00 level.

The yen dropped to near a 5-week low of 83.74 against the aussie, coming off from an early high of 83.32. Next key support for the yen is likely seen around the 85.00 level.

The yen fell back to 76.83 against the kiwi, just few pips short of its early Asian session's more than 2-week low of 76.86. The yen is likely to find support around the 78.00 level.

Data from Statistics New Zealand showed that New Zealand retail sales rose a seasonally adjusted 0.1 percent on quarter in the first three months of 2018.

That was shy of expectations for a gain of 1.0 percent and down from the downwardly revised 1.4 percent in the three months prior.

Looking ahead, at 12:15 am ET, Atlanta Fed President Raphael Bostic speaks about the economic outlook and price-level targeting at the Atlanta Economics Club.

For comments and feedback: contact editorial@rttnews.com

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