Yen Rises As European Shares Traded Lower
November 21 2023 - 12:14AM
RTTF2
The Japanese yen strengthened against other major currencies in
the European session on Tuesday, as European stock market traded
lower ahead of speeches from a number of European Central Bank
officials, the release of the Federal Reserve's minutes from its
November meeting and Nvidia's earnings.
Investors looked forward to minutes from Federal Reserve's
latest meeting for more clarity on the rate outlook.
The safe-haven currency or the yen slightly retreated in the
Asian session against its major rivals and reversed back to its
early highs in the coming session.
In the European trading now, the yen rose to nearly a 2-week
high of 161.25 against the euro, nearly a 3-week high of 184.47
against the pound and more than a 2-week high of 166.53 from early
lows of 162.43, 185.65 and 167.83, respectively. If the yen extends
its uptrend, it is likely to find resistance around 158.00 against
the euro, 183.00 against the pound and 164.00 against the
franc.
Against the U.S. and the Canadian dollars, the yen advanced to
nearly 2-1/2-month high of 147.15 and a 2-1/2-month high of 107.23
from early lows of 148.41 and 108.13, respectively. On the upside,
146.00 against the greenback and 106.00 against the loonie are seen
as the next resistance levels for the yen.
Looking ahead, Canada inflation data and new housing price index
and U.S. existing home sales data, all for October, are slated for
release in the New York session.
At 11.00 am ET, European Central Bank President Christine
Lagarde is set to speak on the occasion of the 100th anniversary of
the currency reform in Germany in 1923 organized by the German
Ministry of Finance in Berlin.
At 2:00 pm ET, U.S. FOMC meeting minutes is set to be
published.
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