Yen Strengthens Against Majors
30 January 2015 - 06:53PM
RTTF2
The Japanese yen strengthened against the other major currencies
in the Asian session on Friday, as investor sentiment was boosted
by nation's positive inflation and jobs data for December.
In economic news, the data from the Ministry of Internal Affairs
and Communications showed that consumer prices in Japan were up 2.4
percent on year in December, topping expectations for 2.3 percent
and unchanged from November.
Also, the unemployment rate in Japan was a seasonally adjusted
3.4 percent in December. That beat forecasts for 3.5 percent, which
would have been unchanged from the November reading.
Data from the Ministry of Economy, Trade and Industry showed
that industrial production in Japan added a seasonally adjusted 1.0
percent on month in December. That missed expectations for an
increase of 1.2 percent following the 0.5 percent contraction in
November. On a yearly basis, output added 0.3 percent - matching
forecasts following the 3.7 percent tumble in the previous
month.
In the Asian trading today, the yen rose to a 4-day high of
177.31 against the pound, from yesterday's closing quote of 178.16.
If the yen extends its uptrend, it is likely to find resistance
around the 175.50 area.
Against the euro, the yen edged up to 133.39 from yesterday's
closing quotes of 133.83. This may be compared to an early 2-day
low of 134.17. The yen may test resistance near the 129.80
region.
Against the Swiss franc and the U.S. dollar, the yen edged up to
127.64 and 117.75 from yesterday's closing quotes of 127.97 and
118.24, respectively. On the upside, 113.67 against the Swiss franc
and 115.70 against the U.S. dollar are seen as the next resistance
levels for the yen.
Looking ahead, Swiss KOF leading indicator for January, U.K.
mortgage approvals and M4 money supply for December, Eurozone CPI
for January and unemployment rate for December are set to be
published in the European session.
In the New York session, Canada GDP for November, U.S. advanced
GDP data for fourth quarter, Chicago PMI and U.S.
Reuters/University of Michigan's final consumer sentiment index for
January are due.
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