Forex News: Yen Falls As Japan's Election Result Raises Speculations

Yen Falls As Japan's Election Result Raises Speculations On BOJ Slow Rate Hike Plans

10/28/2024 - 03:11:00 (RTTNews)

(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Monday, as traders speculate that future rate hikes would be slowed by the Japan ruling coalition's loss of a parliamentary majority in weekend elections.

Traders also await the Japan interest rate decision on Thursday, although no changes to policy are anticipated.

It's a busy week for markets as the U.S. presidential election approaches. The uncertainty about the outcome of the upcoming U.S. presidential election and rising geopolitical tensions in the Middle East are weighing on market sentiment.

In the Asian trading today, the yen fell to near 3-month lows of 166.07 against the euro and 199.36 against the pound, from Friday's closing quotes of 164.38 and 197.37, respectively. If the yen extends its downtrend, it is likely to find support around 170.00 against the euro and 204.00 against the pound.

Against the U.S. and the Canadian dollars, the yen slipped to near 3-month lows of 153.88 and 110.72 from last week's closing quotes of 152.30 and 109.62, respectively. The yen may test support near 158.00 against the greenback and 111.00 against the loonie.

The yen dropped to more than a 3-month low of 176.92 against the Swiss franc, from Friday's closing value of 175.62. On the downside, 180.00 is seen as the next support level for the yen.

Against the Australia and the New Zealand dollars, the yen slid to 5-day lows of 101.53 and 91.86 from last week's closing quotes of 100.56 and 91.03, respectively. The next possible downside target for the yen is seen around 102.00 against the aussie and 93.00 against the kiwi.

Looking ahead, Canada wholesale sales data for September and U.S. Dallas Fed manufacturing business index for October are slated for release in the New York session.

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Forex News: Yen Falls As Japan's Election Result Raises Speculations

Yen Falls As Japan's Election Result Raises Speculations On BOJ Slow Rate Hike Plans

RECENT FOREX and ECONOMIC NEWS STORIES

FOREX NEWS

Swiss Franc Declines Against Majors

Euro Falls As Weak Eurozone PMI Triggers ECB Rate Cut Bets

Euro Falls Against Majors

Pound Slides On Weak U.K. Retail Sales, Flash PMI Reports

Pound Slides Against Majors