Yen Down on Surging US Yields, Europeans Stay Strong
Action Insight Daily Report 12-3-20

Yen Down on Surging US Yields, Europeans Stay Strong

Yen trades generally lower today as pressured by surging US treasury yields and mild risk-on sentiments. Dollar and commodity currencies are not too far behind. European majors continue to be strong as led by Euro and Swiss Franc. Sterling is not performing too badly against others as traders are not committing to bet on no-deal Brexit.

Technically, the strong rise in US 10-year yield overnight is worth a note. TNX is so far trending well inside near term rising channel, holding above 55 day EMA. A test on 1% handle would likely be seen soon but 1.266 resistance should be out of radar for now, at least until a plan for mass rollout of coronavirus vaccine.

In Asia, Nikkei closed up 0.03%. Hong Kong HSI is up 0.66%. China Shanghai SSE is down -0.21%. Singapore Strait Times is up 0.15%. Japan 10-year JGB yield is down -0.001 at 0.023. Overnight, DOW rose 0.20%. S&P 500 rose 0.18%. NASDAQ dropped -0.05%. 10-year yield rose 0.014 to 0.948.

Full Report Here

Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

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Central Bank Views | China Watch | Oil N' Gold | Special Topics

EUR/JPY Daily Outlook

Daily Pivots: (S1) 126.02; (P) 126.29; (R1) 126.79; More....

Intraday bias in EUR/JPY remain son the upside for 127.07 resistance. Decisive break there will resume whole rally from 114.42. Next target will be 128.67 medium term fibonacci level On the upside, break of 125.13 resistance turned support is needed to indicate short term topping. Otherwise, further rise will remain in favor even in case of retreat.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
21:30 AUD AiG Performance of Construction Nov 55.3 52.7
21:45 NZD Building Permits M/M Oct 8.80% 3.60%
0:00 NZD ANZ Commodity Price Nov 0.90% 1.90% 2.00%
0:30 AUD Trade Balance (AUD) Oct 7.46B 5.83B 5.63B 5.82B
1:45 CNY Caixin Services PMI Nov 57.8 56.5 56.8
8:45 EUR Italy Services PMI Nov 40.4 46.7
8:50 EUR France Services PMI Nov F 49.1 49.1
8:55 EUR Germany Services PMI Nov F 46.2 46.2
9:00 EUR Eurozone Services PMI Nov F 41.3 41.3
9:30 GBP Services PMI Nov 45.8 45.8
10:00 EUR Eurozone Retail Sales M/M Oct 0.50% -2.00%
12:30 USD Challenger Job Cuts Y/Y Nov 60.40%
13:30 USD Initial Jobless Claims (Nov 27) 770K 778K
15:00 USD ISM Services PMI Nov 56 56.6
15:30 USD Natural Gas Storage -18B