Asian Markets Lifted by Positive BoJ Tankan Survey, Overlook Weak Chinese Manufacturing Data
| Action Insight Daily Report 7-3-23 |
Asian Markets Lifted by Positive BoJ Tankan Survey, Overlook Weak Chinese Manufacturing Data |
Asian markets began the trading week on a high note, largely driven by a rise in Japan's Nikkei index, which was buoyed by encouraging results from BoJ Tankan Survey. Meanwhile, market participants seemed to overlook weak data from China's manufacturing sector. Australian and New Zealand dollars led the other currencies, experiencing broad gains, closely trailed by Canadian Dollar. Japanese Yen and the Swiss Franc, however, traded with a weak undertone. Euro, Dollar, and British Pound exhibited mixed trading for the time being. Although US traders may adopt a more relaxed stance due to the long July 4th weekend, trading may not be entirely subdued. RBA's interest rate decision, scheduled for tomorrow, could indeed stir up some market volatility. Besides, the week is packed with significant economic data releases, including ISM indexes and the much-anticipated non-farm payroll report. From a technical analysis perspective, the AUD/JPY pair will be of particular interest in the next 24 hours. For now, deeper decline is in favor as long as 96.48 minor resistance holds. In case of another fall, the focus is on whether it could depend 38.2% retracement of 90.24 to 97.66 at 94.82. Nevertheless, break of 96.48 would likely prompt stronger rally back to retest 97.66 high. |
USD/JPY Daily Outlook Daily Pivots: (S1) 144.00; (P) 144.53; (R1) 144.86; More... Intraday bias in USD/JPY remains neutral for consolidations below 145.06. Break of 55 4H EMA (now at 143.40) could trigger deeper correction. But further rally will remain in favor as long as 140.90 resistance turned support holds. On the upside, break of 145.06 will resume larger rise to 161.8% projection of 127.20 to 137.90 from 129.62 at 146.93. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Building Permits M/M May | -2.20% | -2.60% | | 23:50 | JPY | Tankan Large Manufacturing Index Q2 | 5 | 3 | 1 | | 23:50 | JPY | Tankan Non - Manufacturing Index Q2 | 23 | 22 | 20 | | 23:50 | JPY | Tankan Large Manufacturing Outlook Q2 | 9 | 5 | 3 | | 23:50 | JPY | Tankan Non - Manufacturing Outlook Q2 | 20 | 21 | 15 | | 23:50 | JPY | Tankan Large All Industry Capex Q2 | 13.40% | 3.20% | | 00:30 | JPY | Manufacturing PMI Jun F | 49.8 | 49.8 | 49.8 | | 01:00 | AUD | TD Securities Inflation M/M Jun | 0.10% | 0.90% | | 01:30 | AUD | Building Permits M/M May | 20.60% | 4.90% | -8.10% | -6.80% | | 01:45 | CNY | Caixin Manufacturing PMI Jun | 50.5 | 50.2 | 50.9 | | 06:30 | CHF | CPI M/M Jun | 0.20% | 0.30% | | 06:30 | CHF | CPI Y/Y Jun | 1.80% | 2.20% | | 07:30 | CHF | Manufacturing PMI Jun | 42.8 | 43.2 | | 07:45 | EUR | Italy Manufacturing PMI Jun | 45.4 | 45.9 | | 07:50 | EUR | France Manufacturing PMI Jun F | 45.5 | 45.5 | | 07:55 | EUR | Germany Manufacturing PMI Jun F | 41 | 41 | | 08:00 | EUR | Eurozone Manufacturing PMI Jun F | 43.6 | 43.6 | | 08:30 | GBP | Manufacturing PMI Jun F | 46.2 | 46.2 | | 13:45 | USD | Manufacturing PMI Jun F | 46.3 | 46.3 | | 14:00 | USD | ISM Manufacturing PMI Jun | 47.2 | 46.9 | | 14:00 | USD | ISM Manufacturing Prices Paid Jun | 44.2 | | 14:00 | USD | ISM Manufacturing Employment Index Jun | 51.4 | | 14:00 | USD | Construction Spending M/M May | 0.50% | 1.20% |
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