Yen Declines On Risk Appetite
27 Maio 2015 - 09:26AM
RTTF2
The Japanese yen drifted lower against its major rivals in
European deals on Wednesday, amid a rise in European stocks on
easing concerns over Greece, after its Finance Minister Yanis
Varoufakis dismissed chances of IMF debt default on June 5.
On Tuesday, Varoufakis said that the Mediterranean nation
expects to finalize a deal with creditors by June 5, when the first
IMF payment is due. However, he urged the international creditors
to come to an agreement with Greece before the country runs out of
money.
Group of seven nations' Finance ministers and central bank
governors will meet in Dresden this week, with Greek issue to be on
the agenda.
There is no need to react for the recent excessive movement of
the Japanese yen, as that was due to the impact of the dollar's
gain and not from the yen's decline, Japan finance minister Akira
Amari told.
The US exit strategy could certainly impact the fx market,
although rapid forex movements are not welcomed, he said.
The minutes of the Bank of Japan's April 30 meeting showed that
the members of the bank's monetary policy committee were satisfied
that the current stance for monetary policy remained
appropriate
The underlying inflation trend was improving steadily, the
minutes showed, although there was some debate about achieving the
target goal of 2 percent
The yen was slightly weaker against most major currencies in the
Asian session. It fell against the pound, euro and the franc but
rose against the greenback.
The yen fell to 123.75 against the greenback, a level not seen
since June 2007. The next possible downside target for the yen may
be located around the 124.00 mark.
Pulling away from early highs of 133.76 against the euro and
128.99 against the Swiss franc, the yen dropped to a 5-day low of
134.77 and a 9-day low of 130.31, respectively. The yen is likely
to find downside target levels of around 136.6 against the euro and
132.00 against the franc.
The yen drifted lower to 190.33 against the pound, its lowest
since September 2008, from an early high of 189.21. If the yen
extends decline, it may find downside target around the 194.00
level.
The yen reversed from early highs of 88.91 against the kiwi,
95.11 against the aussie and 98.91 against the loonie and edged
down to 89.47, 95.60 and 99.43, respectively. The yen is seen
finding support around 91.00 against the kiwi, 96.6 against the
aussie and 100.00 against the loonie.
Looking ahead, the Bank of Canada will announce its interest
rate decision at 10:00 am ET. Economists expect the bank to retain
interest rates unchanged at 0.75 percent.
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