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Forex News: Yen Higher On Virus Concerns

Yen Higher On Virus Concerns

09/18/2020 - 08:05:00 (RTTNews)

(RTTNews) - The Japanese yen firmed against its key counterparts in the European session on Friday, as worries about the second wave of coronavirus infections in the Europe lifted demand for safe-haven assets.

Spain is currently battling a resurgent second wave of Covid-19 although the mortality levels are far lower than they were in spring.

Leading scientists advising the U.K. government have proposed a two-week national lockdown in October to try to tackle the rising number of coronavirus cases.

Surging coronavirus figures across Europe should serve as "a wake-up call", Dr. Hans Kluge, regional director of The World Health Organization in Europe, said on Thursday.

The number of new cases had doubled in more than half of European member states in the past two weeks and we have a very serious situation unfolding before us, he added.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.2 percent on year in August - in line with expectations and slowing from 0.3 percent in July.

Core CPI, which excludes volatile food costs, sank an annual 0.4 percent - again matching forecasts following the flat reading in the previous month.

The yen appreciated to a 1-1/2-month high of 104.27 against the greenback from yesterday's closing value of 104.74. On the upside, 100 is likely seen as the next resistance level for the yen.

The yen climbed to 114.67 against the Swiss franc for the first time since July 29. The yen is poised to find resistance around the 112.5 region.

Reversing from its early low of 136.16 against the pound and a 2-day low of 124.31 against the euro, the yen edged up to 135.32 and 123.48, respectively. The yen is seen locating resistance around 129.00 against the pound and 119.5 against the euro.

The yen bounced off to 70.73 against the kiwi, 79.20 against the loonie and 76.18 against the aussie, from its prior 3-day low of 71.20, 2-day lows of 79.77 and 76.85, respectively. The next possible resistance for the yen lies around 67.00 against the kiwi, 76.5 against the loonie and 74.00 against the aussie.

Looking ahead, Canada retail sales for July and University of Michigan's preliminary consumer sentiment index for September will be featured in the New York session.

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