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Forex News: Yen Trades Lower On China Rate Cut, Trade

Yen Trades Lower On China Rate Cut, Trade Hopes

11/18/2019 - 02:29:00 (RTTNews)

(RTTNews) - The Japanese yen traded lower against its major counterparts in the Asian session on Monday, as progress in US-China trade talks and China surprise rate cut reduced the appeal of the safe-haven assets.

China's central bank lowered rate on seven-day reverse repurchase agreements by five basis points to 2.50 percent.

The move stoked hopes of more stimulus measures to revive the slowing economy.

Investors awaited developments in the U.S-China trade talks amid hopes for progress in push to finalize phase-one trade deal.

Chinese state media reported Saturday that the two sides had "constructive talks" on trade in a high-level phone call as part of a potential deal.

The yen declined to a session's low of 108.86 against the greenback, from a high of 108.67 hit at 6:30 pm ET. If the yen falls further, it may find support around the 111.00 level.

The yen fell to a 6-day low of 120.41 against the euro and a 4-day low of 110.00 against the franc, off its previous highs of 120.09 and 109.81, respectively. The next likely support for the yen is seen around 122.00 against the euro and 112.00 against the franc.

The yen depreciated to near a 2-week low of 140.73 against the pound from Friday's closing value of 140.31. The yen is seen finding support around the 142.5 region.

The Japanese currency dropped to 69.68 against the kiwi, after reaching as high as 69.54 at 7:15 pm ET. On the downside, 73.00 is possibly seen as the next support level for the yen.

Reversing from its early highs of 74.05 against the aussie and 82.19 against the loonie, the yen weakened to a 4-day low of 74.22 and a 5-day low of 82.36, respectively. The yen may challenge support around 76.00 against the aussie and 83.5 against the loonie. Looking ahead, U.S. NAHB housing market index for November is due in the New York session.

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