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Forex News: Yen Trades Higher Amid Virus Fears

Yen Trades Higher Amid Virus Fears

03/09/2020 - 04:15:00 (RTTNews)

(RTTNews) - The Japanese yen traded higher against its major counterparts on Monday amid risk aversion, as a plunge in crude oil prices added to worries about the rapid spread of the coronavirus outbreak across the world.

Crude oil plummeted amid fears of a price war after a proposal by the Organization of the Petroleum Exporting Countries or OPEC for deeper output cuts was rejected by its allies. Saudi Arabia slashed its official oil prices and reportedly plans to ramp up production following the breakdown in talks between OPEC and Russia.

Data showed China's exports contracted sharply in the first two months of the year, worsening a global market rout.

China's exports and imports both plunged over the first two months of the year due to the virus impact, customs data showed.

Exports shrank by 17.2 percent in January and February combined, down from 7.9 percent growth in December. Imports dropped an annual 4 percent, down from 16.5 percent growth in December.

Data from the Cabinet Office showed that Japan's gross domestic product saw a downward revision to -7.1 percent on year in the fourth quarter of 2019.

That was worse than expectations for -6.6 percent after last month's preliminary reading suggested a decline of 6.3 percent.

The yen rose to a 3-1/2-year high of 101.54 against the greenback and more than a 6-month high of 116.36 against the euro, from its early low of 104.60 and a 1-week low of 118.70, respectively. Next key resistance for the yen is seen around 100.00 against the greenback and 114.00 against the euro.

Reversing from its early lows of 112.27 against the franc and 136.86 against the pound, the yen spiked up to a 3-month high of 110.06 and a 5-month high of 132.89, respectively. If the yen rises further, 107.00 and 130.5 are likely seen as its next resistance levels against the franc and the pound, respectively.

The yen moved up to more than an 8-year high of 73.86 against the loonie, 7-1/2-year high of 61.29 against the kiwi and an 11-year high of 64.49 against the aussie, from its early more than 3-year low of 77.02, multi-year lows of 66.14 and 69.17, respectively. The next possible resistance for the yen is seen around 72.00 against the loonie, 60.00 against the kiwi and 61.00 against the aussie.

The Australian and New Zealand dollars fell amid a plunge in Asian shares.

The aussie fell to an 11-year low of 0.6314 against the greenback and near an 11-year low of 1.8146 against the euro, from its early high of 0.6625 and a multi-year high of 1.7125, respectively. The aussie is seen finding support around 0.63 against the greenback and 1.85 against the euro.

The aussie dropped to a 6-day low of 0.8717 against the loonie and near a 5-week low of 1.0370 against the kiwi, reversing from its early 1-1/2-month high of 0.9016 and a 4-day high of 1.0510, respectively. The aussie may locate support around 0.85 against the loonie and 1.02 against the kiwi.

The kiwi depreciated to near an 11-year low of 0.6008 against the greenback and a 9-year low of 1.9127 against the euro, off its early highs of 0.6342 and 1.7932, respectively. The kiwi is poised to challenge support around 0.58 against the greenback and 2.1 against the euro.

Looking ahead, Eurozone Sentix investor confidence for March is due out in the European session.

At 8:15 am ET, Canada housing starts for February are set for release.

Canada building permits for January will be released in the New York session.

For comments and feedback: contact editorial@rttnews.com

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