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Forex News: Japanese Yen Higher Amid Risk Aversion

Japanese Yen Higher Amid Risk Aversion

08/14/2020 - 07:04:00 (RTTNews)

(RTTNews) - The Japanese yen appreciated against its key counterparts in the European session on Friday amid risk aversion, as the UK expanded its list of countries that face a quarantine requirement by including France and weak China data triggered uncertainty about the pace of economic recovery.

China's industrial production grew less than expected in July while retail sales dropped 1.1 percent from last year, confounding expectations for an increase of 0.1 percent, raising doubts over the country's economic recovery from the coronavirus pandemic.

Thousands of people have had their holidays plan thrown into disarray after the U.K. government added France, Malta and the Netherlands to its coronavirus quarantine list.

France, the second-most popular overseas destination after Spain for Britons, warned that it would reciprocate.

Reversing from its early lows of 80.96 against the loonie, 76.54 against the aussie and 70.09 against the kiwi, the yen climbed to 2-day highs of 80.50, 76.15 and 69.65, respectively. The yen is seen finding resistance around 78.00 against the loonie, 72.00 against the aussie and 68.00 against the kiwi.

The yen spiked up to 2-day highs of 125.74 against the euro and 116.98 against the franc, after dropping to 126.47 and near a 2-year low of 117.64, respectively in early deals. The next possible resistance for the yen is seen around 122 against the euro and 113.00 against the franc.

The yen edged higher to 139.35 against the pound and 106.67 against the greenback, up from its early lows of 139.89 and 107.04, respectively. If the yen climbs further, 135.00 and 104.00 are likely seen as its next resistance levels against the pound and the greenback, respectively.

Looking ahead, U.S. retail sales and industrial production for July, business inventories for June and University of Michigan's preliminary consumer sentiment index for August are scheduled for release in the New York session.

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