Yen Rises As Asian Shares Traded Lower

(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Monday, as Asian markets traded lower after Wall Street logged its worst week since Halloween on Friday.

Investors seek cues from the quarterly earnings season and key U.S. data due this week.

U.S. inflation data will be in the spotlight this week, with the Labour Department scheduled to release separate reports on consumer and producer price inflation on Thursday and Friday, respectively.

The safe-haven yen traded lower against its major counterparts from 2nd January 2023.

In the Asian trading, the yen rose to 4-day highs of 157.78 against euro, 169.33 against the Swiss franc and 183.25 against the pound, from Friday's closing quotes of 158.24, 170.11 and 183.91, respectively. If the yen extends its uptrend, it is likely to find resistance around 153.00 against the euro, 165.00 against the franc and 178.00 against the pound.

Against the U.S. and the Australian dollars, the yen edged up to 144.09 and 96.68 from last week's closing quotes of 144.65 and 97.09, respectively. On the upside, 141.00 against the greenback and 93.00 against the aussie are seen as the next resistance level for the yen.

Against the New Zealand and the Canadian dollars, the yen advanced to 4-day highs of 89.99 and 107.81 from Friday's closing quotes of 90.23 and 108.21, respectively. The yen may test resistance near 88.00 against the kiwi and 104.00 against the loonie.

Looking ahead, Eurozone consumer confidence for December, retail sales data for November, unemployment rate for November and U.K. BBA mortgage rate for December are due to be released in the European session.

In the New York session, U.S. used car prices for December and U.S. consumer inflation expectation for December are slated for release.

At 12:30 pm ET, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in moderated conversation on the economic outlook before the Rotary Club of Atlanta, in Atlanta, U.S.