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Forex News: Yen Falls After Fed Statement

Yen Falls After Fed Statement

07/30/2020 - 03:23:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against its major opponents in the Asian session on Thursday, as the U.S. Federal Reserve reiterated that the central bank would provide support if required to help stabilize the economy.

The Federal Reserve left its policy measures unchanged and reiterated its commitment to do whatever is needed to support the economy.

The central bank affirmed that the policy rate will stay at the current level "until it is confident that the economy has weathered recent events and is on track to achieve our maximum-employment and price-stability goals".

The Fed's dovish message boosted risk appetite, weighing on the yen.

The U.S. on Wednesday passed the grim record of 1,50,000 coronavirus fatalities while the total number of cases neared 4.4 million.

President Donald Trump said on Wednesday that his administration and Democrats in Congress were still "far apart" on a new coronavirus relief bill.

The yen fell to 2-day lows of 105.29 against the greenback and 123.86 against the euro, from its early highs of 104.87 and 123.60, respectively. Next immediate support for the yen is seen around 108 against the greenback and 127.00 against the euro.

The yen dropped to a 3-day low of 115.26 against the franc, 2-day low of 78.82 against the loonie and a 1-week low of 136.50 against the pound, off its early highs of 114.84, 78.61 and 136.19, respectively. The currency is likely to face support around 118.00 against the franc, 81.00 against the loonie and 138.00 against the pound.

In contrast, the yen rose to a 2-day high of 75.02 against the aussie, while approaching 69.64 against the kiwi, which was its strongest since July 2. If the yen rises further, it may find resistance around 74 against the aussie and 67 against the kiwi.

Looking ahead, Swiss KOF leading indicator, German jobless rate and Eurozone economic confidence index, all for July, will be published in the European session.

At 8:00 am ET, German flash consumer inflation for July is due.

U.S. GDP data for the second quarter and weekly jobless claims for the week ended July 25 will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

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