Yen Falls As Japanese Stock Market Traded Higher
01 Setembro 2024 - 11:30PM
RTTF2
The Japanese yen weakened against other major currencies in the
Asian session on Monday, as Japanese stock market traded higher,
adding to the gains in the previous session, with gains across most
sectors lead by index heavyweights and technology stocks.
The benchmark S&P/ASX 200 is moving to a tad shy of the
39,000 level for the first time since late July, following the
broadly positive cues from Wall Street on Friday.
Traders remain optimistic over the outlook for interest rates
after a report showing U.S. consumer prices increased in line with
estimates in July, while the annual rate of price growth was
unexpectedly flat.
While the U.S. data has reinforced expectations of an interest
rate cut by the Fed this month, traders expressed uncertainty about
the pace of rate cuts, leading to some volatility in the
markets.
According to CME Group's FedWatch Tool, there is a 69.5 percent
chance of a quarter-point rate cut next month and a 30.5 percent
chance of a half-point rate cut.
In economic news, the manufacturing sector in Japan continued to
contract in August, albeit at a slower rate, the latest survey from
Jibun Bank revealed on Monday with a manufacturing PMI score of
49.8. That's up from 49.1 in July, although it remains beneath the
boom-or-bust line of 50 that separates expansion from
contraction.
In the Asian trading today, the yen fell to a 6-day low of
161.84 against the euro, a 1-month low of 192.37 against the pound
and a 4-day low of 172.24 against the Swiss franc, from last week's
closing quotes of 161.50, 191.89 and , respectively. If the yen
extends its downtrend, it is likely to find support around 165.00
against the euro, 197.00 against the pound and 175.00 against the
franc.
Against the Australia and the New Zealand dollars, the yen
slipped to 1-month low of 99.19 and 91.52 from last week's closing
quotes of 98.89 and 91.37, respectively. The yen may test suppoprt
near 102.00 against the aussie and 93.00 against the kiwi.
Against the U.S. and the Canadian dollars, the yen slipped to
nearly a 2-week low of 146.55 and more than a 2-week low of 108.62
from Friday's closing quotes of 146.16 and 108.33, respectively. On
the downside, 151.00 against the greenback and 111.00 against the
loonie are seen as the next support levels for the yen.
Looking ahead, manufacturing PMI results from various European
economies and U.K. for August are slated for release in the
European session.
U.S. and Canada markets are closed in account of Labor Day
holiday.
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