The yen appreciated vis-Ã -vis the U.S. dollar today as the greenback tested bids around the Â¥107.65 level and was capped around the Â¥108.15 level. Technically, todayâ€™s intraday high was right around the 61.8% retracement of the move from Â¥110.10 to Â¥104.95. Data released in Japan overnight saw the January corporate service price index fall 1.1% m/m and rise 0.8% y/y, the eighteenth consecutive month of year-on-year growth. The Japanese government created a new economic panel head by former Bank of Japan Policy member Ueda to identify future economic challenges. Most traders believe Bank of Japanâ€™s Policy Board will keep the overnight call rate unchanged at 0.50% for the next few months. The Nikkei 225 stock index lost 0.65% to close at Â¥13,824.72. Dollar bids are cited around the Â¥106.15 level. The euro moved lower vis-Ã -vis the yen as the single currency tested bids around the Â¥160.65 level and was capped around the Â¥160.65 level. The British pound and Swiss franc weakened vis-Ã -vis the yen as the crosses tested bids around the Â¥211.80 and Â¥98.85 levels, respectively. The Chinese yuan depreciated vis-Ã -vis the U.S. dollar as the greenback closed at CNY 7.1580 in the over-the-counter market, up from CNY 7.1522.
Join the Discussion