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Forex News: Yen Falls After Downbeat Japan GDP Data

Yen Falls After Downbeat Japan GDP Data

02/17/2020 - 04:36:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against most of its major counterparts on Monday, as the economy contracted at the fastest pace in six years.

Japan's gross domestic product contracted by an annualized 6.3 percent in the fourth quarter of 2019, according to a preliminary report from the Cabinet Office.

That was well shy of expectations for a decline 3.8 percent following the 0.5 percent increase in the three months prior.

On a seasonally adjusted quarterly basis, GDP sank 1.6 percent - again missing forecasts for a decline of 1.0 percent following the 0.1 percent gain in the third quarter.

Nominal GDP was down 1.2 percent on quarter, missing expectations for a drop of 0.6 percent after gaining 0.6 percent in the previous three months.

Final data from the Ministry of Economy, Trade and Industry showed that Japan industrial production rose at a softer pace in December, than in the initial estimate.

Industrial production rose a seasonally adjusted 1.2 percent month-on-month in December. In the initial estimate, production increased 1.3 percent.

Investors cheered China's economic stimulus to counter the fallout from the coronavirus outbreak.

The PBoC conducted medium-term lending facility operations worth RMB200 billion and 7-day reverse repo operations worth RMB100 billion to preserve liquidity in the banking system.

The yen fell against the greenback, reaching as low as 109.87. On the downside, 111.00 is probably seen as the next support level for the yen.

After rising to 118.91 at 7:00 pm ET, the yen eased back and dropped to 119.12 against the euro. The yen is seen challenging support around the 120.5 level.

The yen was down against the franc at 111.93. At last week's close, the pair was trading at 111.77. Should the yen slides further, 113.00 is likely seen as its next support level.

The yen fell to a 4-day low of 83.00 against its Canadian rival from Friday's closing quote of 82.84. The yen is likely to face around support near the 84.00 mark.

The Japanese currency weakened as low as 73.95 against the aussie, after gaining to 73.70 at 7:00 pm ET. Immediate support for the yen is possibly seen around the 76.5 level.

On the other hand, the yen was modestly up at 143.22 against the pound, after showing weakness in the previous session, when it dropped to 143.37. The yen may test resistance around the 142.00 level, if it rallies again.

The yen was higher against the kiwi at 70.65, reversing from a 4-day fall of 70.81 it set at 6:30 pm ET. The next likely resistance for the yen is found around the 69.00 mark.

US markets remain closed in observance of President's Day holiday.

For comments and feedback: contact editorial@rttnews.com

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