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Forex News: Yen Higher On Renewed Virus Concerns

Yen Higher On Renewed Virus Concerns

05/13/2020 - 06:31:00 (RTTNews)

(RTTNews) - The Japanese yen appreciated against its major counterparts in the European session on Wednesday, as worries about a rise in COVID-19 cases after easing lockdowns in certain countries and renewed trade tensions between the U.S. and China dampened sentiment.

A leading U.S. Republican senator on Tuesday proposed legislation that would authorize President Donald Trump to impose far-reaching sanctions on China if it fails to give a full account of events leading to the outbreak of the novel coronavirus.

The range of sanctions include asset freezes, travel bans and visa revocations, as well as restrictions on loans to Chinese businesses by U.S. institutions and bans on U.S. listings by Chinese firms.

Data from the Bank of Japan showed that Japan overall bank lending rose 3.0 percent on year in April, coming in at 553.486 trillion yen.

That's up sharply from the 2.0 percent annual increase in March.

The yen appreciated to 2-day highs of 106.96 versus the greenback, 115.94 versus the euro and 110.21 versus the franc, reversing from its previous lows of 107.28, 116.41 and 110.66, respectively. The next possible resistance for the yen is seen around 102.5 versus the greenback, 112.00 versus the euro and 106.00 versus the franc.

The yen firmed to a 5-day high of 76.03 versus the loonie, after falling to 76.32 at 12:45 am ET. On the upside, 72.00 is likely seen as the next resistance level for the yen.

The yen rose back to 131.25 versus the pound, heading to pierce a 6-day peak of 131.20 seen in the Asian session. The yen is likely to find resistance around the 127.00 level.

Extending early rally, the yen advanced to a 6-day peak of 64.23 versus the kiwi. The pair had closed Tuesday's deals at 65.09. Next key resistance for the yen is likely seen around the 60.00 level.

In contrast, the yen held steady against the aussie, after having strengthened to a 5-day high of 69.10 in the Asian session. At yesterday's trading close, the pair was quoted at 69.31.

Survey data from Westpac showed that Australia's consumer confidence recovered in May from a very low level.

The Westpac-Melbourne Institute Index of Consumer Sentiment rose to 88.1 in May from 75.6 in April.

Looking ahead, U.S. PPI for April is scheduled for release in the New York session.

Federal Reserve Chair Jerome Powell will deliver a speech about current economic issues at a webinar organized by the Peterson Institute for International Economics at 8:00 am ET.

For comments and feedback: contact editorial@rttnews.com

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