The yen depreciated vis-Ã -vis the U.S. dollar today as the greenback tested offers around the Â¥107.20 level and was supported around the Â¥106.35 level. Technically, todayâ€™s intraday high and low were right around the 23.6% and 50.0% retracement of the move from Â¥104.95 to Â¥107.85, respectively. Data released in Japan overnight saw the December unemployment rate print at an unchanged 3.8%. Also, December retail sales rose 0.2% y/y, the fifth consecutive monthly increase and December household spending was up 2.2% y/y. Additionally, overall household income fell 2.7%. Bank of Japan is expected to keep the overnight call rate unchanged at 0.50% for the next several months. The Nikkei 225 stock index gained 2.99% to close at Â¥13,478.86. Dollar bids are cited around the Â¥104.20 level. The euro weakened vis-Ã -vis the yen as the single currency tested bids around the Â¥157.10 level and was capped around the Â¥158.50 level. The British pound moved higher vis-Ã -vis the yen as sterling tested offers around the Â¥213.40 level while the Swiss franc moved lower vis-Ã -vis the yen and tested bids around the Â¥97.50 level. The Chinese yuan appreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 7.1945 in the over-the-counter market, down from CNY 7.1963.
Join the Discussion