The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥99.20 level and was supported around the ¥97.90 level. Data released in Japan overnight saw the first monthly current account deficit in thirteen years last month, the latest indication that Japanese business activity is suffering on account of the yenï¿½ï¿½s relative strength. The January current account balance printed at -¥172.8 billion, considerably worse than expected. Other data released overnight saw total bank lending climb 3.8% m/m in February while February corporate bankruptcy cases were up 21.0% y/y. The Nikkei 225 stock index lost 1.21% to close at ¥7,086.03. U.S. dollar offers are cited around the ¥104.15 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥125.45 level and was supported around the ¥123.95 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥136.00 figure while the Swiss franc moved higher vis-à-vis the yen and tested offers around the ¥85.40 level. The Chinese yuan depreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8398 in the over-the-counter market, up from CNY 6.8395.
Join the Discussion