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Forex News: Yen Strengthens On Global Trade Worries

Yen Strengthens On Global Trade Worries

06/03/2019 - 03:13:00 (RTTNews)

(RTTNews) - The Japanese yen climbed against its most major counterparts in the Asian session on Monday amid rising risk aversion, as escalating global trade tensions and U.S. President Donald Trump's decision to impose tariffs against Mexico sparked fears about recession across the globe.

Global growth worries flared up amid an escalation in U.S.-China trade conflict and after the U.S. announced a 5% tariff on Mexican goods imported into the U.S. and stated that the rate will increase gradually if Mexico does not make efforts to stop illegal immigration of people into the U.S.

Crude oil prices also fell, as global growth worries weakened the demand outlook.

The latest survey from Nikkei showed that Japan manufacturing sector fell into contraction in May, with a manufacturing PMI score of 49.8.

That's down from 50.2 in April, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.

The yen climbed to 108.07 against the greenback, its strongest since January 15. The next possible resistance for the yen is seen around the 106.00 level.

The Japanese yen that closed Friday's trading at 120.93 against the euro spiked up to a 5-month high of 120.78. If the yen rallies further, 118.00 is likely seen as its next resistance level.

The yen advanced to a 5-month high of 136.62 against the pound, compared to last week's closing value of 136.77. The yen is seen finding resistance around the 133.00 region.

On the flip side, the yen edged down to 108.51 against the franc, from a high of 108.04 hit at 5:30 pm ET. Next key support for the yen is seen around the 111.00 level.

The yen was trading at 80.26 against the loonie, 75.24 against the aussie and 70.90 against the kiwi, down from early 5-month highs of 79.97, 74.97 and 70.66, respectively. On the downside, 82.00, 77.5 and 73.00 are possibly seen as the next support levels for the yen against the loonie, the aussie and the kiwi, respectively.

Looking ahead, PMIs from major European economies are due in the European session.

In the New York session, U.S. ISM manufacturing index for May and construction spending for April are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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