News Column

Yen Rises As European Stocks Fall

July 21, 2014

CANBERA (Alliance News) - The Japanese yen rose against most major currencies in European deals on Monday, as European stocks declined on ongoing concerns over Ukraine and the Middle East.

EU foreign ministers will meet in Brussels today to consider tough sanctions on Russian individuals and companies over the downing of a Malaysian jet.

The U.N. Security Council is due to vote on a resolution condemning the "shooting down" of the Malaysian passenger plane and demanding access to the plane crash site.

In a meeting late Sunday, the U.N. Security Council called for an immediate end to the Israeli military operation in Gaza and urged to protect the civilians under international humanitarian law. U.N. chief Ban Ki-moon condemned Israel's latest incursion as "atrocious", saying it must do far more to protect civilians.

The meeting came after Israel-Hamas fighting in Gaza intensified on Sunday, killing around 100 people.

The yen advanced to 136.88 against the euro and 112.63 against the franc, from early lows of 137.15 and 112.88, respectively. If the yen rises further, it may find resistance around 136.00 against the euro and 112.00 against the franc.

The yen rebounded from its prior lows of 173.23 against the pound and 94.43 against the loonie and rose back to 172.81 and 94.21, respectively. The next possible resistance for the yen is seen around 172.00 against the pound and 93.5 against the loonie.

Having declined to 95.27 against the aussie in early deals, the yen reversed direction and gained to 94.98. The yen is likely to find resistance around the 94.00 zone.

However, the yen that rose to 101.19 against the greenback earlier pared some of its gains and was trading near yesterday's closing value of 101.30.

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Source: Alliance News

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