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Forex News: Yen, Franc Drop Amid Risk Appetite

Yen, Franc Drop Amid Risk Appetite

01/09/2020 - 02:41:00 (RTTNews)

(RTTNews) - The Japanese yen and the Swiss franc fell against their major counterparts in the Asian session on Thursday amid risk appetite, as U.S. President Donald Trump's comments eased investor concerns about a wider conflict in the Middle East.

Trump said he would add economic sanctions on Iran and that the Unites States is "ready to embrace peace with all who seek it."

Trump also said that a retaliatory Iranian missile attack on two U.S. bases in Iraq early Wednesday caused no casualties on the U.S. side.

Oil prices edged up in Asian trading after suffering heavy losses in the previous session as geopolitical tensions appeared to be eased.

The yen fell to a 10-day low of 109.32 against the greenback, off an early high of 109.01. The yen is seen locating support around the 111.00 area.

The yen slipped to 1-week lows of 121.55 against the euro, 143.46 against the pound and 112.24 against the franc, from its previous highs of 121.10, 142.78 and 111.97, respectively. The next possible support for the yen is seen around 123.00 against the euro, 146.00 against the pound and 114.00 against the franc.

The yen declined to a 2-day low of 75.17 against the aussie, reversing from an early high of 74.84. On the downside, 146.00 is possibly seen as the next support level for the yen.

The yen dropped to a 6-day low of 72.72 against the kiwi and held steady thereafter. At yesterday's close, the pair was worth 72.51.

The yen held steady against the loonie, after falling to 83.85 earlier in the session. The pair had ended yesterday's trading at 83.66.

The franc reversed from its early highs of 1.0809 against the euro and 0.9731 against the greenback, falling to a 2-day low of 1.0832 and a 10-day low of 0.9747, respectively. If the franc slides further, it may find support around 1.10 against the euro and 1.00 against the greenback.

The franc weakened to 1.2785 against the pound, coming off from an early high of 74.84. Next likely support for the franc is seen around the 1.30 level.

Looking ahead, Eurozone jobless rate for November will be released in the European session.

At 8:15 am ET, Canada housing starts data for December is set for release. The U.S. weekly jobless claims for the week ended January 4 and Canada building permits for November are due out in the New York session.

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