Shutterstock photo
Markets

Forex - Dollar slips against yen as intervention threat lingers

Shutterstock photo

Shutterstock photo

Forexpros - The U.S. dollar slipped against the yen on Tuesday, edging down to a daily low, as Japanese authorities reiterated their readiness to conduct a fresh currency market intervention to curb the yen's gains.

USD/JPY hit 76.64 during late Asian trade, the daily low; the pair subsequently consolidated at 76.65, sliding 0.18%.

The pair was likely to find support at 75.94, Friday's low and the pair's all-time low and resistance at 77.20, Monday's high.

Earlier in the day, Japan's Finance Minister Yoshihito Noda warned against speculators pushing up the yen, adding that currency market moves have remained "one-sided."

The minister added that the government was exploring options other than intervention but reiterated his "strong resolve" to protect Japan's largely export driven economy by selling the yen.

Meanwhile, the yen was down against the euro, with EUR/JPY rising 0.48% to hit 110.78.

Earlier Tuesday, preliminary data showed that German manufacturing activity remained unchanged in July.

German's manufacturing purchasing managers' index remained unchanged 52.0, confounding expectations for a decline to 50.6.

Forex News

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx

Latest Markets Videos