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Forex News: Yen Climbs On Rate Hike Fears

Yen Climbs On Rate Hike Fears

03/09/2023 - 10:05:00 (RTTNews)

(RTTNews) - The Japanese yen advanced against its most major counterparts in the European session on Thursday, as Federal Reserve Chair Jerome Powell reiterated his warning to lawmakers that the central bank may raise interest rates higher than previously anticipated.

During a second day of congressional testimony, Powell once again acknowledged that the U.S. central bank was wrong in initially thinking inflation was only the result of "transitory" factors.

The yen climbed to a 2-day high of 135.93 against the greenback and a 3-day high of 144.86 against the franc, from its prior lows of 137.35 and 145.92, respectively.

The yen strengthened to a 10-day high of 143.61 against the euro and more than a 3-week high of 98.55 against the loonie, from its early lows of 144.82 and 99.51, respectively.

The currency is poised to find resistance around 129.00 against the greenback, 139.00 against the franc, 139.5 against the euro and 96.00 against the loonie.

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