The yen declined across the board on Monday morning in Asia on the back of a rise in some Asian stocks. The yen slumped to a 2-week low against the Australian and Canadian dollars.
At the same time, the yen fell to near a 2-week low against the currencies of U.S. and New Zealand.
As of 9:50 pm ET, Japan’s Nikkei Stock Average was up 0.33%, South Korea’s Kospi Composite rose 0.43%, Taiwan’s weighted average advanced 0.18%, Australia’s All ordinaries index climbed 0.36% and New Zealand’s NZX-50 was up 0.10%.
In economic news, Japan’s domestic corporate goods price index was down 0.4 percent to 102.9 in June compared to the previous month, the Bank of Japan said today. That was slightly below expectations for a 0.2 percent monthly decline following the revised 0.2 percent increase in May.
On an annual basis, corporate goods prices added 0.5 percent versus expectations for a 0.6 percent increase after the revised 0.5 percent gain in May.
The yen slumped to a 2-week low of 78.09 against the Australian dollar around 9:15 pm ET, compared to last week’s closing quote of 77.81. On the downside, the yen may find support around the 80.0 level. The pair is presently quoted at 77.88 against the aussie.
Against its U.S. counterpart, the yen remained in a downward channel for a 5th consecutive day and reached its lowest level in nearly 2 weeks. The yen is presently quoted at 89.10 against the greenback, down from last week’s closing quote of 88.64. If the domestic unit declines further, support is likely to be seen around the 90.70 level.
The yen plunged to near a 2-week low of 63.16 against the New Zealand dollar by 5:20 pm ET and the pair moved on hold thereafter. The kiwi-yen pair, which finished Friday’s deals at 63.05, is presently quoted at 63.14.
The yen also drifted lower to 84.40 against the Swiss franc, 112.42 against the euro and 134.05 against the pound in early Monday Asian deals, compared to last week’s closing quotes of 84.01, 112.09 and 133.58, respectively. At present, the Japanese currency is quoted at 133.74 against the pound, 84.30 versus the Swiss franc and 112.23 against the euro.
Extending its 6-day losing streak, the Japanese yen reached its lowest level in 2 weeks against the Canadian dollar on Monday morning in Asia. At present, the yen is quoted at 86.28 against the loonie, down from Friday’s close of 85.79. On the downside, 88.40 is seen as the next likely target level for the yen.
The loonie staged a strong rally on Friday following a report showed that Canada’s unemployment rate dropped below 8% for the first time in more than a year in June, as employers continued to add jobs in a robust recovery for the nation’s jobs market.
Employment rose by 93,000 in June, pushing the unemployment rate down 0.2 percentage points to 7.9%, according to data from Statistics Canada released Friday.
This is the first time the rate has been below the 8% mark since January 2009.
Economists were expecting the unemployment rate to remain the same at 8.1% and the economy to add only 20,000 jobs.
Looking ahead, French current account for May and U.K.’s final figures of the first quarter GDP data are expected in the upcoming European session.
There are no major economic report due out in the North American session today.
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