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Forex News: Yen Falls Amid Risk Appetite

Yen Falls Amid Risk Appetite

08/12/2024 - 05:15:00 (RTTNews)

(RTTNews) - The Japanese yen weakened against other major currencies in the European session on Monday, as the European markets are expected to start the new week on an optimistic note even amidst anxiety ahead of crucial inflation updates due from Europe, U.K and the U.S. over the course of the week. Overwhelming expectations of a Fed rate cut in September is supporting market sentiment. The unfolding geopolitical situation in the Middle East is also seen swaying market mood.

Markets continued to recover from recent sell-off sparked by concerns about the world's largest economy slipping into a recession. Traders may also be reluctant to make more significant ahead of key U.S. inflation data later in the week

Wall Street had closed on a mildly positive note on Friday, marking the end of a turbulent week that witnessed whipsawing prices amidst U.S. economic growth concerns.

In the European trading now, the yen fell to 160.93 against the euro and 188.20 against the pound, from an early high of 160.20 and 187.16, respectively. If the yen extends its downtrend, it is likely to find support around 170.00 against the euro and 200.00 against the pound.

Against the U.S. dollar and the Swiss franc, the yen dropped to 147.32 and 169.88 from early highs of 146.70 and 169.46, respectively. The yen may test support near 154.00 against the greenback and 174.00 against the franc.

Against Australia, the New Zealand and the Canadian dollars, the yen edged down to 97.10, 88.70 and 107.33 from early highs of 96.51, 88.07 and 106.80, respectively. On the downside, 102.00 against the aussie, 93.00 against the kiwi and 112.00 against the loonie are seen as the next support levels for the yen.

Looking ahead, Canada building permits for June, U.S. consumer inflation expectations for July, U.S. Federal monthly budget statement for July and U.S. WASDE report are slated for release in the New York session.

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