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Forex News: Japanese Yen Falls On Trump's Improvement In Health

Japanese Yen Falls On Trump's Improvement In Health

10/05/2020 - 03:34:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against its major counterparts in the Asian session on Monday, as sentiment lifted up after news of U.S. President Donald Trump likely to be discharged from hospital later today.

Fears about Trump's health condition eased following the information, sending the safe-haven yen lower.

Investors awaited developments on stimulus front after House Speaker Nancy Pelosi said that likelihood of a rescue package has risen.

The latest survey from Jibun Bank showed that the services sector in Japan continued to contract in September, albeit at a slower pace, with a seasonally adjusted services PMI score of 46.6.

That's up from 45.0 in August, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The yen dropped to a 4-day low of 79.54 against the loonie, after rising to 79.11 at 5:00 pm ET. The yen is poised to challenge support around the 81.00 mark.

The yen reversed from its previous highs of 105.23 against the greenback and 123.27 against the euro, falling to 105.61 and 123.91, respectively. The next possible support for the yen is seen around 108.00 against the greenback and 127.5 against the euro.

The yen fell to more than a 2-week low of 115.23 against the franc, 4-day lows of 136.73 against the pound and 75.91 versus the aussie, from its early highs of 114.43, 135.98 and 75.36, respectively and held steady thereafter. The yen is seen finding support around 118 against the franc, 141.00 against the pound and 78.00 versus the aussie.

The yen reached as low as 70.24 against the kiwi, down from its prior high of 69.86, and was steady in subsequent deals. Next key support for the yen is seen around the 72 level.

Looking ahead, PMI reports from major European economies, Eurozone Sentix investor confidence index for October and retail sales for August are due in the European session.

The U.S. ISM non-manufacturing composite index for September will be out in the New York session.

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