Yen Falls Amid Risk Appetite
23 December 2014 - 8:51PM
RTTF2
The Japanese yen weakened against the other major currencies in
the early European session on Tuesday, as traders await a slew of
U.S. reports on durable goods orders, personal income and spending,
new home sales and revised GDP figures due later in the day.
The crude oil and gold also rallied along with the European
shares.
The U.K.'s FTSE 100 index is currently up 0.19 percent or 12.80
points at 6,589, France's CAC 40 index is up 0.13 percent or 5.67
points at 4,260 and Germany's DAX is up 0.02 percent or 2.24 points
at 9,868.
Economists expect the U.S. GDP to rise 4.3 percent in the
July-September quarter, up from its previous estimate of 3.9
percent.
Meanwhile, trading volumes were thin and expected to remain so
this week, ahead of the Christmas holiday and the New Year's
holiday.
The Japanese market remains closed in observance of the
Emperor's Birthday holiday.
In the Asian session, the yen held steady against the other
major currencies.
In the early European trading, the yen fell to a 2-week low of
120.17 against the U.S. dollar and a 1-week low of 122.25 against
the Swiss franc, from early highs of 119.95 and 121.88,
respectively. If the yen extends its downtrend, it is likely to
find support around 121.92 against the greenback and 124.00 against
the Swiss franc,
Pulling away from early highs of 146.71 against the euro and
187.35 against the pound, the yen depreciated to 147.10 and 186.94,
respectively. If the yen extends its downtrend, it is likely to
breach yesterday's multi-day lows of 147.11 against the euro and
187.53 against the pound.
Against the NZ and Canadian dollars, the yen slipped to 93.02
and 103.42 from early highs of 92.65 and 103.08, respectively. On
the downside, 93.74 against the kiwi and 104.75 against the loonie
are seen as the next support levels for the yen.
The yen retreated to 97.57 against the Australian dollar, from
an early high of 97.17. Continuation of bearish trend may lead the
yen to a support around the 98.50 mark.
Looking ahead, Canada GDP for October and U.S. durable goods
orders for November, U.S. final third-quarter GDP data, house price
index for October and personal income and spending data for
November are due to be released in the New York session.
At 9:55 am ET, U.S. Reuters/University of Michigan's final
consumer sentiment index for December is due to be released.
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