Yen Rises On Middle East Worries
04 October 2024 - 5:05PM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Friday, as Middle East worries persisted and
investors awaited the release of all-important U.S. jobs report
later in the day for additional clues on the Fed's rate
trajectory.
Israel carried out a series of massive airstrikes overnight in
the southern suburbs of Beirut and another that cut off the main
border crossing between Lebanon and Syria.
Iran's Supreme Leader Ayatollah Ali Khamenei said today that the
U.S. and its allies were preserving the security of Israel to make
it an energy exporting gate from the region to the West, but that
the resistance in the region would not back down against
Israel.
U.S. President Joe Biden said the U.S. was discussing possible
strikes by Israel on Iran's oil industry.
Thursday, the yen weakened against other major currencies after
Japan's newly appointed prime minister Shigeru Ishiba said that the
nation is not prepared for additional rate hikes, following a
meeting with the central bank governor.
In the Asian trading today, the yen rose to 2-day highs of
161.01 against the euro and 191.75 against the pound, from
yesterday's closing quotes of 162.04 and 192.80, respectively. The
yen may test resistance around 156.00 against the euro and 185.00
against the pound.
The yen edged up to 171.59 against the Swiss franc, from
Thursday's closing value of 172.25. On the upside, 166.00 is seen
as the next resistance level for the yen.
Against the U.S., Australia, the New Zealand and the Canadian
dollars, the yen advanced to 2-day highs of 145.92, 99.91, 90.65
and 107.67 from yesterday's closing quotes of 146.92, 100.49, 91.26
and 108.37, respectively. If the yen extends its uptrend, it is
likely to find resistance around 139.00 against the greenback,
96.00 against the aussie, 87.00 against the kiwi and 103.00 against
the loonie.
Looking ahead, U.S. jobs data for September, Canada Ivey PMI
data for September and U.S. Baker Hughes oil rig count data are due
to be released.
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