News Column

Yen Advances Against Majors

July 11, 2014

BRUSSELS (Alliance News) - The Japanese yen climbed against the other major currencies in Asian deals on Friday, as regional stocks dropped on concerns over stability in Portugal's banking sector.

The benchmark Nikkei 225 index fell 27.42 points or 0.5% at 5,101.

The shares of Portugal's largest listed bank, Banco EspÍrito Santo, were suspended on Thursday, as investors became worried over exposure to debt problems at its holding company, Espirito Santo International.

The trading in shares and bonds of EspÍrito Santo Financial Group were also halted yesterday, citing "material difficulties" at parent company ESI. EspÍrito Santo Financial Group is the controlling shareholder of Banco EspÍrito Santo.

The yen climbed to 101.21 against the greenback and 137.66 against the euro, compared to Thursday's closing values of 101.33 and 137.89, respectively. On the upside, the yen is likely to find resistance around 100.5 against the greenback and 137.00 against the euro.

The yen, which yesterday's deals at 113.55 against the Swiss franc and 173.59 against the pound, rose to 113.36 and 173.38, respectively. If the yen extends gain, it may find resistance around 113.00 against the franc and 172.7 against the pound.

Looking ahead, the UK construction output for May is set for release in the European session.

Canada's jobs data for June is to be released at 8:30 am ET.

At 2:00 pm ET, US monthly budget statement for June is due.

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Source: Alliance News

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