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Forex News: Yen Weakens Amid Risk Appetite

Yen Weakens Amid Risk Appetite

05/09/2018 - 07:09:00 (RTTNews)

(RTTNews) - The Japanese yen drifted lower against its major opponents in the European session on Wednesday amid risk appetite, as oil prices surged up to the highest since 2014 following U.S. President Donald Trump's decision to pull out of the Iran nuclear deal.

Trump on Tuesday announced that the U.S. will withdraw from the landmark nuclear accord with Iran that was agreed in late 2015.

Trump said that the deal was "defective at its core" and the United States will reimpose nuclear sanctions on Iran.

Trump's decision could tighten crude supply in the global markets, driving up prices.

Preliminary data from the Cabinet Office showed that Japan's leading index decreased more-than-expected at the end of the first quarter.

The leading index, which measures the future economic activity, dropped to 105.0 in March from 105.9 in February. The index was expected to fall to 105.1.

The currency has been trading in a negative territory against its major counterparts in the Asian session.

The yen reversed from early highs of 109.00 against the greenback and 108.82 against the franc, falling to 6-day lows of 109.81 and 109.52, respectively. On the downside, 111.00 is likely seen as the next support for both the greenback and the franc.

The yen slid to a 6-day low of 148.74 versus the pound, after rising to 147.70 at 5:00 pm ET. Next key support for the yen is likely seen around the 150.00 level.

The Report on Jobs published by IHS Markit and the Recruitment & Employment Confederation showed that UK permanent job placement growth softened to a four-month low in April.

Permanent job placement increased markedly in April but the pace of expansion was the softest seen so far this year. In contrast, growth of temp billings picked up from March's 13-month low.

The yen dropped to 2-day lows of 130.21 against the euro and 84.87 against the loonie, reversing from its early highs of 129.36 and 84.16, respectively. The next possible support for the yen is seen around 132.00 against the euro and 86.00 against the loonie.

The yen edged down to 76.56 against the kiwi and 81.73 against the aussie, coming off from an early high of 75.94 and a new 5-week high of 81.13, respectively. The yen is likely to find support around 78.00 against the kiwi and 83.00 against the aussie.

Looking ahead, Canada building permits for March, U.S. PPI for April and wholesale inventories for March are due in the New York session.

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