Yen Reverses Gains Following BoJ Summary Of Options

RTTNews | 847 days ago
Yen Reverses Gains Following BoJ Summary Of Options

(RTTNews) - The yen dropped against its major counterparts in the European session on Thursday, as the Bank of Japan Summary of Opinions from the January meeting showed that the central bank is determined to maintain its current monetary policy, including the conduct of yield curve control.

The modification of the conduct of yield curve control decided at the previous meeting is a measure that is aimed solely at making monetary easing more sustainable through improvement in the functioning of financial markets, the summary showed.

"The Bank should continue to communicate to the public that, at the previous MPM, it maintained its accommodative monetary policy stance by deciding to increase the amount of JGB purchases while expanding the range of 10-year JGB yield fluctuations from the target level."

Data from the Bank of Japan showed that Japan producer prices climbed 1.5 percent on year in December - shy of expectations for an increase of 1.6 percent and slowing from 1.7 percent in November.

On a monthly basis, producer prices rose 0.1 percent, easing from 0.2 percent in the previous month.

The yen fell to 141.75 against the euro and 129.99 against the greenback, off its early high of 140.87 and a multi-day high of 129.02, respectively. The yen is poised to challenge support around 143.5 against the euro and 134.00 against the greenback.

The yen edged down to 84.32 against the kiwi, 92.43 against the aussie and 97.03 against the loonie, reversing from its early highs of 83.58 and 91.64 and a multi-day high of 96.29, respectively. The currency may challenge support around 86.00 against the kiwi, 96.00 against the aussie and 99.00 against the loonie, if it weakens further.

The yen dropped to 2-day lows of 161.20 against the pound and 141.52 against the franc, from its early highs of 160.00 and 140.63, respectively. The next possible support for the yen is seen around 165.00 against the pound and 144.00 against the franc.

Looking ahead, Canada wholesale sales for December, U.S. GDP data for the fourth quarter, weekly jobless claims for the week ended January 21 and new home sales, durable goods orders, wholesale inventories and advance goods trade balance, all for December, are due in the New York session.

read more
Antipodean Currencies Fall, Yen Gains Amid Risk-off Sentiment

Antipodean Currencies Fall, Yen Gains Amid Risk-off Sentiment

The Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Thursday on increased risk-off sentiment, following the broadly negative cues from Wall Street overnight, amid rising treasury yields on concerns about the fiscal impact of a new U.S. tax bill on the country's deficit. The lack of clear progress on new trade deals is also weighing on the markets.
RTTNews | 47 minutes ago
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the Asian session on Thursday.
RTTNews | 1h 51min ago
NZ Dollar Slides Against Majors

NZ Dollar Slides Against Majors

The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday.
RTTNews | 2h 6min ago
Pound Advances After U.K. Inflation Data

Pound Advances After U.K. Inflation Data

The pound was higher against its major counterparts in the New York session on Wednesday, after data showing an acceleration in consumer price inflation in the month of April.
RTTNews | 11h 48min ago
U.S. Dollar Falls Amid Risk-on Mood, Fed Rate Cut Bet

U.S. Dollar Falls Amid Risk-on Mood, Fed Rate Cut Bet

The U.S. dollar weakened against other major currencies in the Asian session on Wednesday amid increased risk-on mood, as some traders are still looking to cash in on the strong upside in the markets seen over the past several weeks. Furthermore, growing market acceptance that the Federal Reserve (Fed) will lower interest rates further this year amid evidence of diminishing inflationary pressure and a dismal growth forecast, also pushed the USD lower.
RTTNews | 23h 5min ago