Yen gains versus aussie and kiwi in risk off market

The Japanese yen started the new trading week stronger, particularly against the Australian and New Zealand dollars. Tokyo markets were closed for a public holiday today but risk aversion helped lend support to the safe haven yen.

AUDJPY slid 0.4 percent to 84.43 yen while NZDUSD lost 0.6 percent to 75.34 yen in the session.

The US dollar and the euro also eased slightly against the yen, with both losing 0.2 percent. USDJPY was down to 111.35 yen while EURJPY traded around 125.59 yen.

A slide in crude oil prices on Friday soured market sentiment, as prices fell from 2016 highs.

In other currencies, the euro was trading more or less in a range against the US dollar at $1.1276. Comments made on Friday by European Central Bank chief economist Peter Praet are weighing on the euro. Praet said rates have not reached their lower limit yet.

Sterling slid against the dollar to reach$1.4430. Over the weekend, British Prime Minister David Cameron was forced into a hasty cabinet reshuffle on Saturday following the shock resignation of a senior minister and this caused some sell off in the pound.

The UK will be in focus this week as some important data are due, which include inflation and retail sales data.

The post Yen gains versus aussie and kiwi in risk off market appeared first on FXTM Blog.

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