(RTTNews) - The yen that traded at a 5-day low against the U.S. dollar in Asian deals on Wednesday declined further to a 6-day low during early European session as an agreement between U.S. President Barack Obama and the Republicans to extend income tax cuts for two years prompted traders to bet on the U.S. currency.
The yen also slipped to a 2-day low against the franc, 12-day low against the pound and a 5-day low against the Canadian dollar.
But the yen jumped against the NZ dollar and showed choppy trading versus the euro and the aussie.
Japan's current account, core machinery orders, bank lending data and economy watchers survey results, which were released earlier in Asian session likely influenced the yen.
Tokyo stocks rose today on weaker yen. The benchmark Nikkei 225 index gained 91.23 points or 0.90% at 10,232.33.
The yen weakened against the US dollar in early European deals on Wednesday. The yen is now trading at a 6-day low of 84.05 per dollar with 84.4 seen as the next downside target level. At yesterday's close, the dollar-yen pair was quoted at 83.52.
During early European deals on Wednesday, the yen fell against the Swiss franc. The yen is presently trading at a 2-day low of 85.03 against the franc, compared to yesterday's close of 84.58. If the yen drops further, it may likely target the 85.2 level.
The yen declined against the pound after reaching a high of 131.38 at 2:40 am ET Wednesday. As of now, the yen is trading at a 12-day low of 132.05 against the pound. The next downside target level for the Japanese currency is seen at 133.8. The pound-yen pair closed yesterday's trading at 131.59.
In early European deals on Wednesday, the yen dropped to a 5-day low of 83.01 against the Canadian dollar at 3:40 am ET. The loonie-yen pair that closed yesterday's trading at 82.52 is currently worth 82.95. On the downside, 83.7 is seen as the next target level for the yen.
The yen strengthened against the New Zealand dollar in early European deals on Wednesday. At present, the yen is worth 62.91 against the kiwi, compared to yesterday's close of 63.23. If the yen advances further, it may likely target the 62.6 level.
The NZ dollar declined today in Asian session after reports showed that the nation's construction and manufacturing activity contracted in the third quarter.
The yen showed choppy trading against the euro in Asian as well as the European deals on Wednesday. The euro-yen pair that closed yesterday's trading at 110.76 is now worth 110.90.
The yen that fell against the Australian dollar in early Asian deals on Wednesday rebounded after touching a low of 82.46 at 8:35 am ET. But the aussie-yen showed choppy trading in late Asian trading and resumed the same trend in early European session. The aussie-yen pair is presently worth 82.19, compared to yesterday's close of 82.09.
