Investing.com – The yen rose to a fresh daily high against the U.S. dollar on Tuesday, after weak Chinese and Australian economic data sparked fears over a slowdown in global economic growth.
USD/JPY hit 85.64 during European morning trade, a fresh daily low; the pair subsequently consolidated at 85.67, shedding 0.30%.
The pair was likely to find support at 85.03, last Friday's low and an 8-month low and resistance at 86.45, the high of August 5.
Earlier Tuesday, official data showed that that Chinese property prices rose at their slowest pace in six months in July, while imports fell more-than-expected in June. A separate report showed that Australian business confidence declined for the fifth consecutive month in July.
The data added to fears that the global economic recovery is losing momentum.
The yen was also up against the euro, with EUR/JPY shedding 0.62% to hit 112.92.
Earlier in the day, the Bank of Japan announced that it had kept its benchmark interest rate unchanged at 0.1%, in a widely expected move.
The banks policy board did not refer to the yen in the rate statement but said the bank was monitoring the effects of “developments in fiscal and financial conditions” in Europe and elsewhere on the global economy and financial markets.
USD/JPY hit 85.64 during European morning trade, a fresh daily low; the pair subsequently consolidated at 85.67, shedding 0.30%.
The pair was likely to find support at 85.03, last Friday's low and an 8-month low and resistance at 86.45, the high of August 5.
Earlier Tuesday, official data showed that that Chinese property prices rose at their slowest pace in six months in July, while imports fell more-than-expected in June. A separate report showed that Australian business confidence declined for the fifth consecutive month in July.
The data added to fears that the global economic recovery is losing momentum.
The yen was also up against the euro, with EUR/JPY shedding 0.62% to hit 112.92.
Earlier in the day, the Bank of Japan announced that it had kept its benchmark interest rate unchanged at 0.1%, in a widely expected move.
The banks policy board did not refer to the yen in the rate statement but said the bank was monitoring the effects of “developments in fiscal and financial conditions” in Europe and elsewhere on the global economy and financial markets.