Yen Mixed Against Majors
The Japanese yen showed mixed trading against its major counterparts in the Asian session on Wednesday.
While the yen advanced to a 2-day high against the Canadian dollar, it rose slightly against the pound, franc and the US dollar. The yen also strengthened against the aussie in early deals, but pared gains shortly.
On the other hand, the yen changed little against the euro and the NZ dollar.
The yen climbed to a 2-day high of 84.0 against the Canadian dollar, compared to Tuesday’s close of 84.14. On the upside, 83.9 is seen as the next target level for the Japanese currency.
Against the U.S. dollar, the yen strengthened to 80.82. If the yen gains further, it may likely target the 80.6 level. At yesterday’s close, the dollar-yen pair was quoted at 81.07.
The yen rose to 129.90 against the pound. The next upside target level for the Japanese currency is seen at 129.5. The pound-yen pair closed yesterday’s trading at 130.20.
The British Retail Consortium reported today that total shop price inflation in the United Kingdom increased to 2.9 percent in June, up from 2.3 percent in May. Core shop price inflation, which excludes food costs, was 1.3 percent in June compared to 0.8 percent in May.
The yen edged up to 96.20 against the Swiss franc and this may be compared to yesterday’s close of 96.41. On the upside, 95.9 is seen as the next target level for the yen.
The yen that rose to 86.50 against the Australian dollar at 8:35 pm ET eased thereafter. The aussie-yen pair is currently trading near yesterday’s close of 86.69.
The yen changed little against the euro and the New Zealand dollar. At present, the yen is worth 116.86 against the euro and 67.07 against the kiwi, compared to yesterday’s close of 116.95 and 66.91, respectively.
Looking ahead, Japan is scheduled to release its preliminary leading and coincident index numbers for May at 1:00 am ET.
The U.K. Halifax house price index for June and the German factory orders for May are expected in the European session.
Across the Atlantic, the U.S. ADP National Employment report and the ISM non-manufacturing index – both for June and Canada’s building permits for May are slated for release in the New York morning session.
