Yen Advances Amid Risk Aversion Ahead Of G7 Summit

The Japanese yen climbed against its major counterparts in the European session on Friday amid risk aversion, as investors cautiously await a gathering of G7 leaders in Canada, where trade tariffs are expected to be the key agenda.

U.S. President Donald Trump launched attacks on EU and Canada via twitter, saying that they were charging the US massive tariffs and create non-monetary barriers.

“I look forward to seeing them tomorrow,” Trump wrote on Thursday.

Traders also focus on the European Central Bank and Federal Reserve meetings next week for policy direction.

The high-profile US-North Korea summit was also on top of investors’ radar.

Data from the Cabinet Office showed that Japan’s final gross domestic product fell 0.2 percent on quarter in the first three months of 2018.

That was unchanged from the May 16 preliminary reading, although it defied expectations for an upward revision to -0.1 percent.

Data from the Ministry of Finance showed that Japan logged a current account surplus of 1.845 trillion yen in April, down 6.8 percent on year.

That missed expectations for a surplus of 2.076 trillion yen following the 3.122 trillion yen surplus in March.

The currency has been trading in a positive territory against its major counterparts in the Asian session.

The yen advanced to 3-day highs of 128.33 against the euro, 111.08 against the franc and 146.35 against the pound, coming from its early lows of
129.73, 112.01 and 147.44, respectively. The next possible resistance for the yen is seen around 127.00 against the euro, 110.00 against the franc and 145.00 against the pound.

The yen appreciated to a weekly high of 109.26 against the greenback and an 8-day high of 83.88 against the loonie, reversing from its previous lows of 109.85 and 84.69, respectively. The yen is seen finding resistance around 108.00 against the greenback and 83.00 against the loonie.

The yen climbed to a 4-day high of 76.61 against the kiwi, after having fallen to 77.21 at 9:00 pm ET. If the yen rises further, 75.00 is likely seen as its next resistance level.

Looking ahead, U.S. wholesale inventories for April, Canada housing starts and jobs data for May are due in the New York session.

The material has been provided by InstaForex Company – www.instaforex.com


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