Yen Higher On Fed Rate Hike Worries
20 Abril 2023 - 02:42AM
RTTF2
The Japanese yen strengthened against its major counterparts in
the European session on Thursday, as investors reacted to hawkish
comments from Fed officials and worried over recession risks.
Federal Reserve Bank of New York President John Williams said on
Wednesday that inflation remained high and the central bank is
prepared to use monetary policy tools to restore price
stability.
Markets see an 86 percent chance that the Fed will raise rates
by 25 basis points next month and then keep rates on hold through
this year.
Data from the Ministry of Finance showed that Japan posted a
merchandise trade deficit of 754.506 billion yen in March.
That beat forecasts for a deficit of 1,294.8 billion yen
following the 898.1 billion yen shortfall in February.
The yen advanced to 149.84 against the franc and 134.38 against
the greenback, from its early lows of 150.40 and 134.97,
respectively. The yen may find resistance around 144.00 against the
franc and 129.00 against the greenback.
The yen climbed to 147.29 against the euro and 167.11 against
the pound, off its early lows of 147.83 and 167.70, respectively.
The currency is seen finding resistance around 139.00 against the
euro and 163.00 against the pound.
The yen appreciated to a 6-day high of 99.85 against the loonie
and a 3-day high of 82.85 against the kiwi, up from its prior lows
of 100.24 and 83.61, respectively. Next immediate resistance for
the currency is seen around 96.00 against the loonie and 80.00
against the kiwi.
The yen was up against the aussie, at 90.24. On the upside,
88.00 is likely seen as its next resistance level.
Looking ahead, at 7:30 am ET. ECB monetary policy meeting
accounts are set to be released.
In the New York session, U.S. weekly jobless claims data, U.S.
Philadelphia Fed manufacturing index for April, Eurozone flash
consumer confidence for April, U.S. leading index, and existing
home sales data for March are due.
NZD vs Yen (FX:NZDJPY)
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NZD vs Yen (FX:NZDJPY)
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