Yen Tacks Onto Last Friday's Losses After Yellen's Hawkish Jackson Hole Speech
28 Agosto 2016 - 09:59PM
RTTF2
The Japanese yen continued to be weak against the other major
currencies in the Asian session on Monday after U.S. Federal
Reserve Chair Janet Yellen said in her speech last Friday that the
case for another interest rate hike has strengthened.
The Federal Open Market Committee "continues to anticipate that
gradual increases in the federal funds rate will be appropriate
over time to achieve and sustain employment and inflation near our
statutory objectives," Yellen said in a symposium at Jackson Hole,
Wyoming.
Last Friday, the yen fell 0.48 percent against the euro, 0.44
percent against the pound, 1.32 percent against the U.S. dollar and
0.13 percent against the franc.
In the Asian trading, the yen fell to near 4-week lows of 114.48
against the euro and 134.16 against the pound, from Friday's
closing quotes of 113.89 and 133.55, respectively. If the yen
extends its downtrend, it is likely to find support around 119.00
against the euro and 140.00 against the pound.
Against the U.S. and the Canadian dollar, the yen dropped to
more than 2-week lows of 102.21 and 78.61 from last week's closing
quotes of 101.76 and 78.22, respectively. The yen may test support
near 107.00 against the greenback and 82.00 against the loonie.
The yen slid to a 1-week low of 104.58 against the Swiss franc,
from Friday's closing value of 104.02. On the downside, 107.00 is
seen as the next support level for the yen.
Against the Australian and the New Zealand dollars, the yen
edged down to 77.15 and 73.93, from last week's closing quotes of
76.93 and 73.58, respectively. The yen is likely to find support
around 79.00 against the aussie and 76.00 against the kiwi.
Looking ahead, U.S. personal income and spending data for July
is due to be released in the New York session.
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