USD/JPY Marching to 150 as Dollar Rises With Yields
| Action Insight Mid-Day Report 10-19-22 |
USD/JPY Marching to 150 as Dollar Rises With Yields |
Dollar rises broadly today, with help from bonds as 10-year yield tops 4.1% in pre-market. Canadian Dollar is also slightly firmer after CPI report. Other parts of the markets are mixed. Yen is dropping towards 150 with Dollar, but recovers elsewhere. Swiss Franc is weakening against both Euro and Sterling but loss is limited. Aussie and Kiwi turned softer as this week's recovery lost steam. Technically, one focus is on Japan's intervention as USD/JPY approaches 150 handle, and on whether Dollar bears would finally jump in (which is unlikely). On the other hand, another focus in on USD/CHF's reaction to 1.0072 temporary top. Decisive break there will confirm up trend resumption, which could be a early signal of more Dollar buying elsewhere. In Europe, at the time of writing, FTSE is down -0.26%. DAX is down -0.21%. CAC is down -0.02%. Germany 10-year yield is up 0.0597 at 2.353. Earlier in Asia, Nikkei rose 0.37%. Hong Kong HSI dropped -2.38%. China Shanghai SSE dropped -1.19%. Singapore Strait Times dropped -0.10%. Japan 10-year JGB yield dropped -0.0051 to 0.254. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 148.80; (P) 149.09; (R1) 149.52; More... USD/JPY's rally continues today and intraday bias stays on the upside for 61.8% projection of 130.38 to 140.33 from 145.89 at 149.91. There Japan might intervene again to defend 150 psychological level. On the downside, break of 148.11 minor support will turn bias to the downside for pull back towards 145.89 resistance turned support. However, sustained trading above 150 could pave the way to 100% projection at 155.84 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:30 | AUD | Westpac Leading Index M/M Sep | 0.00% | -0.10% | -0.20% | | 06:00 | GBP | CPI M/M Sep | 0.50% | 0.40% | 0.50% | | 06:00 | GBP | CPI Y/Y Sep | 10.10% | 10.00% | 9.90% | | 06:00 | GBP | Core CPI Y/Y Sep | 6.50% | 6.40% | 6.30% | | 06:00 | GBP | RPI M/M Sep | 0.70% | 0.50% | 0.60% | | 06:00 | GBP | RPI Y/Y Sep | 12.60% | 12.40% | 12.30% | | 06:00 | GBP | PPI Input M/M Sep | 0.40% | -0.40% | -1.20% | -0.90% | | 06:00 | GBP | PPI Input Y/Y Sep | 20.00% | 17.20% | 20.50% | 20.90% | | 06:00 | GBP | PPI Output M/M Sep | 0.20% | 0.60% | -0.10% | 0.10% | | 06:00 | GBP | PPI Output Y/Y Sep | 15.90% | 15.00% | 16.10% | 16.40% | | 06:00 | GBP | PPI Core Output M/M Sep | 0.70% | 0.90% | 0.30% | 0.50% | | 06:00 | GBP | PPI Core Output Y/Y Sep | 14.00% | 12.70% | 13.70% | 13.90% | | 09:00 | EUR | Eurozone CPI M/M Sep F | 9.90% | 10.00% | 10.00% | | 09:00 | EUR | Eurozone CPI Core Y/Y Sep F | 4.80% | 4.80% | 4.80% | | 12:30 | USD | Building Permits Sep | 1.56M | 1.55M | 1.54M | | 12:30 | USD | Housing Starts Sep | 1.44M | 1.46M | 1.58M | | 12:30 | CAD | Raw Material Price Index Sep | -3.20% | -3.50% | -4.20% | | 12:30 | CAD | Industrial Product Price M/M Sep | 0.10% | -0.90% | -1.20% | | 12:30 | CAD | CPI M/M Sep | 0.10% | -0.10% | -0.30% | | 12:30 | CAD | CPI Y/Y Sep | 6.90% | 6.80% | 7.00% | | 12:30 | CAD | CPI Median Y/Y Sep | 4.70% | 4.80% | 4.80% | | 12:30 | CAD | CPI Trimmed Y/Y Sep | 5.20% | 5.10% | 5.20% | | 12:30 | CAD | CPI Common Y/Y Sep | 6.00% | 5.60% | 5.70% | | 14:30 | USD | Crude Oil Inventories | 2.5M | 9.9M | | 18:00 | USD | Fed's Beige Book |
|
|
|
