FOREX TradingCharts.com

Forex News: Yen Slides Amid U.S. Debt Ceiling Hopes

Yen Slides Amid U.S. Debt Ceiling Hopes

05/23/2023 - 02:07:00 (RTTNews)

(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Tuesday, as sentiment improved amid hopes that the U.S. lawmakers will reach a debt ceiling deal soon and help the nation avoid a default.

U.S. President Joe Biden and top Republican Kevin McCarthy have called their latest talks on the debt ceiling productive, although the talks over the weekend remained inconclusive.

The benchmark Nikkei 225 index moving above the 29,300 level to 33-year highs, also led to the slide of the safe-haven yen. The benchmark Nikkei 225 Index is up 233.37 points or 0.75 percent at 31,320.19, after touching a high of 31,352.53 earlier.

In economic news, data from Jibun Bank showed that the manufacturing sector in Japan continued to expand in May, and at a faster pace, with a manufacturing PMI score of 50.8. That's up from 49.5 in April and it moves above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI rose from 55.4 in April to 56.3 in May.

In the Asian trading today, the yen plunged to a record low of 154.50 against the Swiss franc, from yesterday's closing value of 154.28. The yen may test support level near the 185.00 level.

The yen touched 150.05 against the euro, its lowest level to near 3-weeks. At yesterday's close, the pair was trading at 149.82. On the downside, 152.00 is seen as the next support level for the yen.

The yen slid to 172.63 against the pound for the first time since 3rd February 2016 and 138.87 against the U.S. dollar for the first time since 30th November 2022, from yesterday's closing quotes of 172.31 and 138.59, respectively. If the yen extends its downtrend, it is likely to find support around 175.00 against the pound and 142.00 against the greenback.

Against the Australia and Canadian dollars, the yen dropped to 4-day lows of 92.35 and 102.90 from yesterday's closing quotes of 92.20 and 102.62, respectively. The yen is seen finding support around 94.00 against the aussie and 106.00 against the loonie.

The yen slipped to 87.31 against the NZ dollar, from yesterday's closing value of 87.14. If it drops further, it may find support around the 89.00 area.

Looking ahead, U.K. public sector finance data for April is due to be released at 2:00 am ET.

In the European session, flash PMI reports for May from U.K. and European countries are due.

At 3:15 am ET, ECB's Luis de Guindos, Fran├žois Villeroy de Galhau, Andrea Enria will deliver their speeches at a conference, in Berlin, Germany.

The European Central Bank will publish the euro area current account data for March at 4:00 am ET.

In the New York session, U.s. final building permits for April, PMI reports for May, new home sales data for April and Canada PPI and raw material prices data for April are slated for release.

At 9:00 am ET, Federal Reserve Bank of Dallas President Lorrie Logan will give welcome remarks before the Technology-Enabled Disruption Conference: Uncertainty and Prospects for Disruptive Investments conference hosted by the Federal Reserve Bank of Richmond, in Richmond, United States.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


U.S. Dollar Rebounds Modestly Ahead Of Next Week's Fed Meeting (57 min(s), 36 sec(s) ago)
(RTTNews) - After moving notably lower during trading on Thursday, the value of the U.S. dollar ha ...Full Story»

Canadian Dollar Retreats As Employment Falls Unexpectedly (48 min(s), 36 sec(s) ago)
(RTTNews) - The Canadian dollar eased against its major counterparts during the New York session o ...Full Story»

Loonie Drops After Canada Jobs Data (03 min(s), 37 sec(s) ago)
(RTTNews) - Statistics Canada has released Canada jobs data for May at 8:30 am ET Friday. The loon ...Full Story»

Loonie Mixed Ahead Of Canada Jobs Data (57 min(s), 36 sec(s) ago)
(RTTNews) - Statistics Canada will release Canada jobs data for May at 8:30 am ET Friday. Ahead of ...Full Story»

Pound Climbs Against Most Majors (45 min(s), 36 sec(s) ago)
(RTTNews) - The pound firmed against most major counterparts in the European session on Friday. ...Full Story»

Yen Falls Amid Risk Appetite (42 min(s), 36 sec(s) ago)
(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Frida ...Full Story»

Indian Rupee Climbs 4-day High Against U.S. Dollar (05 min(s), 24 sec(s) ago)
(RTTNews) - The Indian rupee firmed against the U.S. dollar on Friday, as risk sentiment improved ...Full Story»

Yen Falls Against Majors (08 min(s), 24 sec(s) ago)
(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Frida ...Full Story»

Search

FOREX NEWS

U.S. Dollar Rebounds Modestly Ahead Of Next Week's Fed Meeting

06/09/2023 - 16:31 PM (RTTNews)
(RTTNews) - After moving notably lower during trading on Thursday, the value of the U.S. dollar ha ...Full Story>>

Canadian Dollar Retreats As Employment Falls Unexpectedly

06/09/2023 - 10:21 AM (RTTNews)
(RTTNews) - The Canadian dollar eased against its major counterparts during the New York session o ...Full Story>>

Loonie Drops After Canada Jobs Data

06/09/2023 - 08:37 AM (RTTNews)
(RTTNews) - Statistics Canada has released Canada jobs data for May at 8:30 am ET Friday. The loon ...Full Story>>

Loonie Mixed Ahead Of Canada Jobs Data

06/09/2023 - 08:30 AM (RTTNews)
(RTTNews) - Statistics Canada will release Canada jobs data for May at 8:30 am ET Friday. Ahead of ...Full Story>>

Pound Climbs Against Most Majors

06/09/2023 - 07:20 AM (RTTNews)
(RTTNews) - The pound firmed against most major counterparts in the European session on Friday. ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.