Investing.com - The U.S. dollar was higher against the yen on Monday, bouncing off a ten-day low as the weakening of risk sentiment and an overall positive outlook for the U.S. economy sent the greenback broadly higher.
USD/JPY hit 82.79 during early European trade, the daily high; the pair subsequently consolidated at 82.85, rising 0.61%.
The pair was likely to find support at 82.10, the low of March 12 and resistance at 83.07, the high of March 13.
Sentiment was hit after Italy’s Prime Minister Mario Monti warned on Sunday that Spain could reignite the euro zone’s debt crisis, pointing to the country’s struggle to control its finances.
Global growth concerns also weighed after data showed last week that manufacturing activity contracted this month in China and that it remained in contraction territory for the eighth consecutive month in the euro zone.
Meanwhile, the greenback remained supported after the Federal Reserve upgraded its view on the economy earlier this month, leading investors to trim back expectations for a third round of monetary easing from the central bank.
The U.S. outlook was also boosted by data showing that jobless claims fell to the lowest level since February 2008 last week.
The yen was also lower against the euro with EUR/JPY rising 0.36%, to hit 109.67.
Later in the day, Federal Reserve Chairman Ben Bernanke was scheduled to speak at the National Association for Business Economists 2012 Policy Conference. The U.S. was also to publish industry data on pending home sales.
USD/JPY hit 82.79 during early European trade, the daily high; the pair subsequently consolidated at 82.85, rising 0.61%.
The pair was likely to find support at 82.10, the low of March 12 and resistance at 83.07, the high of March 13.
Sentiment was hit after Italy’s Prime Minister Mario Monti warned on Sunday that Spain could reignite the euro zone’s debt crisis, pointing to the country’s struggle to control its finances.
Global growth concerns also weighed after data showed last week that manufacturing activity contracted this month in China and that it remained in contraction territory for the eighth consecutive month in the euro zone.
Meanwhile, the greenback remained supported after the Federal Reserve upgraded its view on the economy earlier this month, leading investors to trim back expectations for a third round of monetary easing from the central bank.
The U.S. outlook was also boosted by data showing that jobless claims fell to the lowest level since February 2008 last week.
The yen was also lower against the euro with EUR/JPY rising 0.36%, to hit 109.67.
Later in the day, Federal Reserve Chairman Ben Bernanke was scheduled to speak at the National Association for Business Economists 2012 Policy Conference. The U.S. was also to publish industry data on pending home sales.