Yen Hits 34-Year Low Against Dollar Amid Inaction from Japanese Authorities
Action Insight Mid-Day Report 4-12-24 |
Yen Hits 34-Year Low Against Dollar Amid Inaction from Japanese Authorities |
The forex markets are primarily focused on Yen's continued broad-based decline as another trading week commences. In particular, the Japanese currency has now reached a new 34-year low against Dollar. Despite frequent official warnings and the expressed readiness to intervene against speculative movements, Japanese authorities have yet to take concrete action. Finance Minister Shunichi Suzuki reiterated today that Japan is "closely monitoring developments" and remains prepared to "take all necessary steps," yet the absence of intervention has left many market participants surprised and Yen's weakness unabated... |
USD/JPY Daily Outlook Daily Pivots: (S1) 152.78; (P) 153.08; (R1) 153.58; More... Intraday bias in USD/JPY is back on the upside as USD/JPY's up trend resumed through 153.37 temporary top. Further rally should be seen to 155.20 fibonacci projection level next. On the downside, below 152.58 will turn intraday bias neutral and bring consolidations again, before staging another rally. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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22:30 | NZD | Business NZ PSI Mar | 47.5 | 53.0 | 52.6 | 23:50 | JPY | Machinery Orders M/M Feb | 7.70% | 0.80% | -1.70% | 06:30 | CHF | Producer and Import Prices M/M Mar | 0.20% | 0.10% | 06:30 | CHF | Producer and Import Prices Y/Y Mar | -2.00% | 09:00 | EUR | Eurozone Industrial Production M/M Feb | 0.80% | -3.20% | 12:30 | CAD | Manufacturing Sales M/M Feb | 0.70% | 0.20% | 12:30 | CAD | Wholesale Sales M/M Feb | 0.80% | 0.10% | 12:30 | USD | Empire State Manufacturing Index Apr | -9 | -20.9 | 12:30 | USD | Retail Sales M/M Mar | 0.40% | 0.60% | 12:30 | USD | Retail Sales ex Autos M/M Mar | 0.50% | 0.30% | 14:00 | USD | Business Inventories Feb | 0.30% | 0.00% | 14:00 | USD | NAHB Housing Market Index Apr | 52 | 51 |
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