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Forex News: Yen Drops Amid Risk Appetite

Yen Drops Amid Risk Appetite

02/04/2020 - 03:33:00 (RTTNews)

(RTTNews) - The Japanese yen fell against its major counterparts on Tuesday, as Asian shares rose, tracking a rebound in the Chinese market, as investors cheered China's Stimulus plans to support its economy.

Yesterday, China's central bank has flooded the economy with cash and trimmed some key lending rates to help revive growth.

The toll in China rose to 425 as of the end of Monday, while the total number of infections in the country climbed to 20,438.

China said it would welcome assistance from the United States to fight the outbreak, a day after accusing Washington of scaremongering.

China earlier set the daily yuan fixing at stronger than 7 per dollar, a sign of support for the exchange rate.

Data from the Bank of Japan showed that Japan monetary base grew 2.9 percent on year to 514.132 trillion yen in January, slowing from an annual 3.2 percent growth in December.

Banknotes in circulation and coins in circulation both rose 2.2 percent on year, while current account balances gained 3.1 percent and reserve balances climbed 2.7 percent.

The yen weakened to 4-day lows of 70.51 against the kiwi, 73.27 against the aussie and 108.95 against the greenback, from its previous highs of 70.01, 72.50 and 108.55, respectively. The next possible support for the yen is seen around 73.00 against the kiwi, 75.00 against the aussie and 111.00 against the greenback.

The yen dropped to an 11-day low of 120.47 against the euro, from a high of 120.06 hit at 8:00 pm ET. If the yen slides further, 122.00 is likely seen as its next support level.

The Japanese yen edged down to 112.55 against the franc and 82.00 against the loonie, off its early highs of 112.35 and 81.60, respectively. The yen is seen locating support around 115.00 against the franc and 83.5 against the loonie.

In contrast, the yen rose to 140.93 against the pound, its strongest since January 6. If the yen rises further, 139.00 is seen as its next resistance level.

Looking ahead, U.K. construction PMI for January and Eurozone PPI for December are set for release in the European session.

In the New York session, U.S. durable goods orders and factory orders for December are scheduled for release.

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