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Forex News: Yen Slides Amid Risk Appetite

Yen Slides Amid Risk Appetite

07/09/2018 - 03:44:00 (RTTNews)

(RTTNews) - The Japanese yen dropped against its major counterparts in the Asian session on Friday amid risk appetite, as upbeat U.S. jobs data for the month of June helped offset worries about rising U.S.-China trade tensions.

U.S. job growth increased more than expected in June but slowing wage increases helped reduce the probability of another Fed rate hike for September.

The strong labor market data coupled with upward revisions for April and May helped investors shrug off lingering concerns over an escalating trade war between the world's top two economies.

Traders looked forward to the release of Chinese trade data later this week.

Survey figures from the Cabinet Office showed that a measure of peoples' assessment of the Japanese economy improved in June, in line with expectations.

The current index of Economy Watchers' survey rose to 48.1 in June from 47.1 in May.

The yen dropped to near a 2-week low of 75.70 versus the kiwi and more than a 3-week low of 82.58 against the aussie, from its early highs of 75.40 and 82.01, respectively. The next likely support for the yen is seen around 77.00 versus the kiwi and 84.00 against the aussie.

The yen fell to near 4-week lows of 130.17 against the euro, 147.29 against the pound and 84.55 against the loonie, off its previous highs of 129.58, 146.60 and 84.27, respectively. On the downside, 132.00, 150.00 and 86.00 are possibly seen as the next support levels for the yen against the euro, the pound and the loonie, respectively.

The yen hit a weekly low of 111.96 against the franc, after having advanced to 111.43 at 6:00 pm ET. If the yen continues its fall, 113.00 is possibly seen as its next support level.

The yen retreated to 110.52 against the greenback, from an early 4-day high of 110.35. The yen is seen finding support around the 112.00 level.

Looking ahead, Eurozone Sentix investor sentiment index for July is due in the European session.

At 9:00 am ET, the European Central Bank President Mario Draghi testifies about the economy, monetary policy, and virtual currencies before the European Parliament Economic and Monetary Affairs Committee, in Brussels.

For comments and feedback: contact editorial@rttnews.com

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