RTTN: Yen Recovers Slightly From Early Lows Against Some Majors
(RTTNews) - The Japanese yen rebounded slightly from its early Asian session's lows against the currencies of Europe, U.K. and Canada in the latter part of the session on weak Asian stocks. The yen thus came off slightly from more than a 5-week low against the euro, 3-day low against the pound and a 2-day low against the Canadian dollar.
Meanwhile, the yen rose to more than a 3-week high against the NZ dollar and a 2-day high against the Swiss franc. The yen also strengthened against the Aussie, but it showed choppy trading versus the US dollar.
Most Asian stocks fell today amid lingering concerns about further monetary policy tightening in China. But Chinese stocks climbed 1% thus far today.
Japan's benchmark Nikkei 225 index lost 1.7%, South Korea's Kospi declined 1.75%, Hong Kong's Hang Seng fell 0.2%, Australia's S&P 200 index and the All Ordinaries index slipped 0.6% each.
Japanese all industry activity declined unexpectedly in November, data from the Ministry of Economy, Trade and Industry showed today. The all industry activity index fell 0.1% on a monthly basis, logging the fourth straight month of decline. Economists were expecting a 0.2% rise after easing 0.3% in October.
The Japanese yen that declined to more than a 5-week low of 112.14 against the euro and a 3-day low of 132.29 against the pound in early Friday Asian deals recovered slightly in late trading. As of now, the yen is trading near yesterday's close of 111.78 against the euro and 131.93 against the pound.
The yen dropped to a 2-day low of 83.38 against the Canadian dollar before bouncing back in Asian session on Friday at 10:05 pm ET. The loonie-yen pair that closed yesterday's trading at 83.22 is now worth 83.10.
The yen also rebounded from its early Asian session's losses against the Swiss franc in late Asian deals on Friday. At present, the yen is trading at a 2-day high of 85.69, compared to yesterday's close of 85.79. The next upside target level for the yen is seen at 85.2.
During Asian deals on Friday, the yen showed choppy trading against the US dollar. Currently, the dollar-yen pair is trading near yesterday's close of 82.99.
The yen climbed against the Australian dollar in Friday's Asian session. The yen is now worth 81.70 against the aussie with 81.5 seen as the next upside target level. At yesterday's close, the aussie-yen pair was quoted at 81.89.
Against the New Zealand dollar, the yen gained in Asian session on Friday. The yen is currently trading at more than a 3-week high of 62.49 against the kiwi. If the yen advances further, it may likely target the 61.8 level. The kiwi-yen pair closed Thursday's trading at 62.86.
