Yen Sees Mild Uptick Following Mixed CPI and PMIs, A Signal for Buyers' Return?
| Action Insight Daily Report 11-24-23 |
Yen Sees Mild Uptick Following Mixed CPI and PMIs, A Signal for Buyers' Return? |
Trading activity is rather subdued in Asian session today, with most major currency pairs and crosses hovering within yesterday's range. Yen is showing a slight recovery, albeit in the context of mixed inflation and PMI data. While Japan's core CPI remains persistently above BoJ's target, the latest figures haven't provided a strong impetus for the central bank to shift away from its negative interest rate policy or to alter its yield curve control strategy. BoJ officials have emphasized the importance of a sustainable wage-price spiral, and they are likely to await the results of wage negotiations early next year before making significant policy decisions... |
EUR/JPY Daily Outlook Daily Pivots: (S1) 162.63; (P) 162.91; (R1) 163.38; More.... With 162.08 minor support intact, EUR/JPY's rebound from 161.22 could extend further to retest 164.29 high. Firm break there will resume larger up trend. On the downside, however, break of 162.08 will turn bias back to the downside, to resume the fall from 164.29 through 161.22 towards 159.75 resistance turned support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Retail Sales Q/Q Q3 | 0.00% | -0.80% | -1.00% | -0.90% | | 21:45 | NZD | Retail Sales ex Autos Q/Q Q3 | 1.00% | -1.50% | -1.80% | -1.60% | | 23:30 | JPY | National CPI Y/Y Oct | 3.30% | 3.00% | | 23:30 | JPY | National CPI ex Fresh Food Y/Y Oct | 2.90% | 3.00% | 2.80% | | 23:30 | JPY | National CPI ex Food Energy Y/Y Oct | 4.00% | 4.20% | | 00:01 | GBP | GfK Consumer Confidence Nov | -24 | -27 | -30 | | 00:30 | JPY | Manufacturing PMI Nov P | 48.1 | 48.8 | 48.7 | | 00:30 | JPY | Services PMI Nov P | 51.7 | 51.6 | | 07:00 | EUR | Germany GDP Q/Q Q3 F | -0.10% | -0.10% | | 09:00 | EUR | Germany IFO Business Climate Nov | 87.5 | 86.9 | | 09:00 | EUR | Germany IFO Current Assessment Nov | 89.4 | 89.2 | | 09:00 | EUR | Germany IFO Expectations Nov | 85.7 | 84.7 | | 13:30 | CAD | Retail Sales M/M Sep | 0.00% | -0.10% | | 13:30 | CAD | Retail Sales ex Autos M/M Sep | -0.30% | 0.10% | | 14:45 | USD | Manufacturing PMI Nov P | 49.8 | 50 | | 14:45 | USD | Services PMI Nov P | 50.4 | 50.6 |
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