Yen Rises On Upbeat GDP Data
11 Março 2024 - 12:07AM
RTTF2
The Japanese yen strengthened against other major currencies in
the Asian session on Monday, after data showed that Japan's gross
domestic product expanded in the fourth quarter of 2023.
Data from the Cabinet Office showed that Japan's gross domestic
product expanded a seasonally adjusted 0.1 percent on quarter in
the fourth quarter of 2023. That was shy of forecasts for an
increase of 0.3 percent following the 0.7 percent contraction in
the previous three months.
On an annualized basis, GDP was up 0.4 percent, exceeding
expectations for a contraction of 0.4 percent after slumping 2.9
percent in the three-month prior.
GDP capital expenditure was up 2.0 percent on quarter, topping
forecasts for a decline of 0.1 percent after slipping 0.4 percent
in Q3.
Asian stock markets also traded lower, following the broadly
negative cues from Wall Street on Friday, as traders reacted to
mixed U.S. monthly jobs data and are cautious ahead of the release
of key U.S. inflation data on Tuesday that could have a more
profound impact on the outlook for interest rates. Some traders
booked profits following the recent market strength.
In the Asian trading today, the yen rose to nearly a 1-month
high of 160.38 against the euro and nearly a 1-1/2-month high of
167.09 against the Swiss franc, from Friday's closing quotes of
160.85 and 167.52, respectively. If the yen extends its uptrend, it
is likely to find resistance around 158.00 against the euro and
164.00 against the franc.
Against the pound and the greenback, the yen edged down to
188.46 and 146.54 from last week's closing quotes of 189.09 and
167.52, respectively. The yen is likely to find support around
185.00 against the pound and 145.00 against the greenback.
Against Australia, the New Zealand and the Canadian dollars, the
yen slipped to nearly a 1-month high of 97.06, more than a 1-month
high of 90.56 and nearly a 2-month high of 108.73, respectively. On
the downside, 95.00 against the aussie, 89.00 against the kiwi and
107.00 against the loonie are seen as the next support levels for
the yen.
Looking ahead, U.S. CB employment trends index for February and
U.S. NY Fed 1-Year consumer inflation expectations results are
slated for release in the New York session.
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