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Yen Climbs Amid Risk Aversion

2018-02-06 04:39

The Japanese yen strengthened against its major counterparts in Asian deals on Tuesday amid risk aversion, as Asian shares fell following a sharp decline in Wall Street overnight, as investors continued to worry about rising bond yields and potentially higher interest rates. The benchmark S&P 500 as well as the Dow Jones Industrial Average suffered their biggest percentage drops since 2011 and erased all of their gains for 2018. The sell-off began after a solid US jobs <a href='PATHgrfg'>report</a> triggered hopes that that the Federal Reserve will raise interest rates faster than expected. The day's economic calendar remains light, with U.S. trade data due later in the day. Speaking to Parliament, the Bank of Japan Governor Haruhiko Kuroda said that the stock market moves were due to various factors, but the Japanese, U.S. and European economies were in "very good shape." "The recovery is broadening across sectors and the outlook remains good as a trend," Kuroda told. The yen climbed to near 4-week highs of 133.98 against the euro and 151.21 against the pound, off its early lows of 135.29 and 152.62, respectively. The next possible resistance for the yen is seen around 132.00 against the euro and 151.00 against the pound. The yen advanced to a weekly high of 108.46 against the greenback and a 6-day high of 116.35 against the franc, from its previous lows of 109.30 and 117.30, respectively. If the yen rises further, it may target resistance around 106.00 against the greenback and 114.00 against the franc. The yen reversed from its early lows of 86.21 against the aussie and 87.22 against the loonie, rising to near a 2-month high of 84.99 and more than a 5-month high of 86.35, respectively. The yen is seen finding resistance around 83.00 against the aussie and 85.00 against the loonie. Looking ahead, German construction PMI for January and retail PMI <a href='PATHgrfg'>report</a>s from major European economies are set for release in the European session. In the New York session, U.S. and Canadian trade data for December and Canada Ivey PMI for January will be out.