The Japanese yen declined across the board on Friday morning in Asia as most Asian stocks recovered its earlier losses and trading higher today. The yen plunged to a 7-week low against the Swiss franc and multi-day lows against the currencies of the U.K., Europe, Canada, Australia and New Zealand.
The low-yielding currencies like the U.S. dollar and the yen fell with the jump in equities as investors sell them to invest in riskier assets.
However, investors are cautious ahead of the vital U.S. jobs figures due later in the day.
As of 10:40 pm ET, Japan’s Nikkei Stock Average rose 0.47%, Australia’s S&P/ASX 200 was up 0.33%, South Korea’s Kospi Composite jumped 0.42%, Taiwan’s Weighted average advanced 1.19% and New Zealand’s NZX-50 climbed 0.47%.
In economic news, the monetary base in Japan was up 3.6 percent on year in June, the Bank of Japan said today, coming in at 97.024 trillion yen. That follows a 3.7 percent annual increase in May. Seasonally adjusted, the monetary base was down 1.6 percent in June to 97.346 trillion yen.
The yen slumped to a 7-week low of 83.15 against the Swiss franc by 10:10 pm ET and the next likely support for the domestic unit is seen at 83.30. The franc-yen pair that was worth 82.74 at Thursday’s North American close is currently quoted at 82.98.
The Japanese yen fell to a 4-day low of 110.44 against the euro and a 3-day low of 133.91 against the pound around 10:20 pm ET and this may be compared to Thursday’s New York session closing quotes of 109.76 and 132.99, respectively. On the downside, the yen may test support levels at 113.30 against the euro and 136.0 versus the pound.
Erasing most of yesterday’s gains, the yen declined to as low as 88.22 against the US dollar before staging a brief rebound around 10:00 pm ET. The greenback-yen pair that closed yesterday’s deals at 87.61 is presently quoted at 88.05.
Traders reacted to Thursday’s disappointing U.S. economic data, with the Institute for Supply Management saying its index of manufacturing activity dropped to 56.2 for June from May’s reading of 59.7. The extent of the drop surprised economists, who had expected the figure to show a much more modest decline to a reading of 59.
At the same time, May’s pending home sales from the National Association of Realtors plummeted by 30.0 percent in May and the Labor Department’s initial jobless claims rose to 472,000 from the previous week’s revised upwardly figure of 459,000.
The Japanese yen declined across the board on Friday morning in Asia as most Asian stocks recovered its earlier losses and trading higher today. The yen plunged to a 7-week low against the Swiss franc and multi-day lows against the currencies of the U.K., Europe, Canada, Australia and New Zealand.
The low-yielding currencies like the U.S. dollar and the yen fell with the jump in equities as investors sell them to invest in riskier assets.
However, investors are cautious ahead of the vital U.S. jobs figures due later in the day.
As of 10:40 pm ET, Japan’s Nikkei Stock Average rose 0.47%, Australia’s S&P/ASX 200 was up 0.33%, South Korea’s Kospi Composite jumped 0.42%, Taiwan’s Weighted average advanced 1.19% and New Zealand’s NZX-50 climbed 0.47%.
In economic news, the monetary base in Japan was up 3.6 percent on year in June, the Bank of Japan said today, coming in at 97.024 trillion yen. That follows a 3.7 percent annual increase in May. Seasonally adjusted, the monetary base was down 1.6 percent in June to 97.346 trillion yen.
The yen slumped to a 7-week low of 83.15 against the Swiss franc by 10:10 pm ET and the next likely support for the domestic unit is seen at 83.30. The franc-yen pair that was worth 82.74 at Thursday’s North American close is currently quoted at 82.98.
The Japanese yen fell to a 4-day low of 110.44 against the euro and a 3-day low of 133.91 against the pound around 10:20 pm ET and this may be compared to Thursday’s New York session closing quotes of 109.76 and 132.99, respectively. On the downside, the yen may test support levels at 113.30 against the euro and 136.0 versus the pound.
Erasing most of yesterday’s gains, the yen declined to as low as 88.22 against the US dollar before staging a brief rebound around 10:00 pm ET. The greenback-yen pair that closed yesterday’s deals at 87.61 is presently quoted at 88.05.
Traders reacted to Thursday’s disappointing U.S. economic data, with the Institute for Supply Management saying its index of manufacturing activity dropped to 56.2 for June from May’s reading of 59.7. The extent of the drop surprised economists, who had expected the figure to show a much more modest decline to a reading of 59.
At the same time, May’s pending home sales from the National Association of Realtors plummeted by 30.0 percent in May and the Labor Department’s initial jobless claims rose to 472,000 from the previous week’s revised upwardly figure of 459,000.
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