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Forex News: Yen Slides Amid Risk Appetite

Yen Slides Amid Risk Appetite

04/18/2024 - 04:25:00 (RTTNews)

(RTTNews) - The Japanese yen weakened against other major currencies in the European session on Thursday amid risk appetite, as European leaders debate ways to ramp up sanctions against Iran.

"We need to adapt and expand them," French President Emmanuel Macron said of sanctions the EU has already slapped on the Islamic Republic.

Israel would make its own decisions on potential retaliation for Iran's unprecedented attack, prime minister Benjamin Netanyahu has said - hours after David Cameron landed in Israel for talks, urging restraint.

In economic news, data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index increased at a faster-than-expected pace in February. The seasonally adjusted tertiary activity index rose 1.5 percent month-on-month in February, reversing a 0.5 percent decrease in January. Economists had expected a 0.8 percent increase.

On a yearly basis, the tertiary activity index increased at a faster pace of 2.5 percent in February after a 1.0 percent gain in the prior month. Moreover, it was the quickest increase in six months.

The safe-haven yen traded slightly higher against its major rivals in the Asian session today.

In the European trading now, the yen slid to an 8-day low of 164.90 against the euro and a 3-day low of 91.51 against the NZ dollar, from early highs of 164.36 and 91.19, respectively. If the yen extends its downtrend, it is likely to find support around 166.00 against the euro and 92.00 against the kiwi.

The yen edged down to 192.51 against the pound, from an early high of 191.91. On the downside, 164.00 is seen as the next support levels for the yen.

Against the U.S. dollar and the Swiss franc, the yen slipped to 154.38 and 169.70 from an early 2-day highs of 153.96 and 169.17, respectively. The next possible downside target for the yen is seen around 156.00 against the greenback and 171.00 against the franc.

Against the Australia and the Canada dollars, the yen slipped to 99.56 and 112.25 from early highs of 99.20 and 111.91, respectively. The yen is likely to find support around 101.00 against the aussie and 113.00 against the loonie.

Looking ahead, U.S. weekly jobless claims, Philadelphia-area manufacturing activity for April and U.S. existing homes sales for March are slated for release in the New York session.

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