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Forex News: Japanese Yen Slides As Fed Chair Powell's Speech

Japanese Yen Slides As Fed Chair Powell's Speech In Focus

08/27/2021 - 06:18:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against its major counterparts in the European session on Friday, as investors focused on the Federal Reserve's Jackson Hole symposium for further clues on the policy outlook.

Fed Chair Jerome Powell will deliver a speech at 10 am ET, with markets seeking more clarity on the central bank's plans to scale back stimulus measures.

Hawkish remarks from the Fed's policy makers fueled hopes that the central bank may adjust its bond buying programme sooner rather than later.

On Thursday, Dallas President Robert Kaplan said that he supported the start of QE tapering in October or shortly thereafter. Kansas City Fed President Esther George and St. Louis Fed President James Bullard also called for pulling back stimulus measures soon.

The yen weakened to 120.14 against the franc, 151.07 against the pound and 129.52 against the euro, off its early 4-day high of 119.67, 2-day highs of 150.46 and 129.16, respectively. Should the yen falls further, 124.5, 153 and 131.5 may be seen as its next support levels against the franc, the pound and the euro, respectively.

The yen edged down to 86.97 against the loonie, 79.89 against the aussie and 76.59 against the kiwi, after rising to a 4-day high of 86.55, 2-day highs of 79.42 and 76.25, respectively in early deals. The next possible support for the yen is seen around 88 against the loonie, 82 against the aussie and 78 against the kiwi.

The yen retreated from an early 2-day high of 109.89 against the greenback, with the pair trading at 110.11. The currency is seen finding support around the 112 region.

Looking ahead, Canada industrial product price index and U.S. personal income and spending data, wholesale inventories and advance goods trade balance, all for July, and University of Michigan's final consumer sentiment index for August are scheduled for release in the New York session.

Federal Reserve Chair Jerome Powell will deliver a speech about the economic outlook at the Jackson Hole Economic Policy Symposium at 10 am ET.

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