Yen Weakens Amid Rising Risk Appetite
April 08 2020 - 10:32PM
RTTF2
The Japanese yen depreciated against its major counterparts in
the Asian session on Thursday amid rising risk appetite, as hopes
that the coronavirus pandemic was nearing its peak and that
governments would roll out more stimulus underpinned sentiment.
U.S. President Donald Trump said his team is noticing a positive
change in coronavirus case numbers in the country.
White House health advisor Dr. Anthony Fauci told Fox News that
the U.S. could see the "beginning of a turnaround" after a "bad
week for deaths" this week.
Nearly 1.5 million people worldwide -- including 432,132
confirmed U.S. cases - have been infected with the new coronavirus,
according to researchers at Johns Hopkins University. U.S. cases
now nearly triple the 148,220 reported in Spain and the 139,422
confirmed in Italy.
Covid-19-infected U.K. Prime Minister Boris Johnson is now
sitting up in bed and engaging positively with the clinical team,
Chancellor of the Exchequer Rishi Sunak said at a daily media
briefing.
The yen declined to a new 4-week low of 135.37 against the pound
and held steady thereafter. The yen is seen finding support around
the 141.00 region.
The yen depreciated to a 2-day low of 77.85 against the loonie,
new 2-week low of 65.68 against the kiwi and a new 4-week low of
68.13 against the aussie, off its early highs of 77.49, 65.21 and
67.49, respectively. On the downside, 81.00, 68.00 and 76.00 are
possibly seen as the next support levels for the yen against the
loonie, the kiwi and the aussie, respectively.
Reversing from its early highs of 108.80 against the greenback,
118.08 against the euro and 111.89 against the franc, the yen edged
down to 109.06, 118.61 and 112.33, respectively. The yen is poised
to seek support around 112.00 against the greenback, 121.00 against
the euro and 115.00 against the franc.
Looking ahead, at 7.30 am ET, the European Central Bank releases
the account of the monetary policy meeting of the Governing Council
held on March 11 and 12
In the New York session, Canada jobs data for March, U.S. weekly
jobless claims for the week ended April 4, producer prices for
March, University of Michigan's preliminary consumer sentiment
index for April and wholesale inventories for February are set for
release.
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