RTTN: Yen Slides To 4-day Low Against Commodity Dollars
(RTTNews) - The Japanese yen lost ground against the commodity-linked currencies in early New York trading on Monday as surging oil and gold prices gave traders confidence to buy risker assets and thus the value of the lower-yielding yen depreciated.
The yen plunged to a 4-day low of 82.37 against the Australian dollar by 9:00 am ET, down 1.2 percent from Friday's close of 81.4. On the downside, the yen is likely to test support around the 83.2 level.
The Japanese currency also reached a 4-day low of 65.41 against the New Zealand dollar and 84.27 versus the Canadian dollar at this time, compared to last week's closing values of 64.5 and 83.17, respectively. The next downside target levels for the domestic unit are seen at 66.0 versus the kiwi and 84.7 against the loonie.
