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Forex News: Yen Rises Amid Risk-off Mood

Yen Rises Amid Risk-off Mood

05/06/2025 - 07:09:00 (RTTNews)

(RTTNews) - The Japanese yen strengthened against other major currencies in the European on Tuesday, as European stocks traded lower as investors assessed the latest batch of earnings and awaited upcoming Fed and BoE meetings.

Germany's conservative leader has unexpectedly fallen short of the numbers needed to form a majority in parliament to become chancellor.

Investors also reacted to U.S. President Donald Trump's latest tariff announcements.

After Trump announced a 100 percent tariff on foreign-made movies, industry figures are wondering how the proposal could possibly work.

In another development, Trump has signed an executive order as part of efforts to rebuild U.S. prescription drug manufacturing, with an eye on reducing reliance on foreign-made medicines.

Trump also warned that he will impose import tariffs on the pharma sector in the next two weeks.

Meanwhile, U.S Treasury Secretary Scott Bessent said Monday that 17 trading partners, excluding China, have presented very good trade proposals and some deals may be announced as early as this week, echoing comments from Trump a day earlier.

He also said that there could be substantial progress on trade with China in the coming weeks.

Investors are awaiting the Federal Reserve's monetary policy announcement, due on Wednesday.

In the European trading today, the yen rose to 5-day highs of 162.01 against the euro and 173.39 against the Swiss franc, from early lows of 162.95, 191.35 and 174.84, respectively. If the yen extends its uptrend, it is likely to find resistance around 160.00 against the euro, 188.00 against the pound and 171.00 against the franc.

Against the U.S., the New Zealand and the Canadian dollars, the yen advanced to 5-day highs of 144.28, 86.02 and 104.22, respectively. On the upside, 140.00 against the greenback, 83.00 against the kiwi and 101.00 against the loonie are seen as the next resistance levels for the yen.

Looking ahead, Canada and U.S. trade data for March, Canada Ivey PMI data for April, U.S. Redbook report and U.S. RCM/TIPP Economic Optimism index for May are slated for release in the New York session.

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