Yen's Sharp Rebound Amid Global Yield Dip: Central Bank Rate Cut Bets in Focus
| Action Insight Daily Report 11-17-23 |
Yen's Sharp Rebound Amid Global Yield Dip: Central Bank Rate Cut Bets in Focus |
Japanese Yen surged sharply in European session, bolstered by significant dips in Germany's 10-year government bond yield, which reached its lowest level since early September. Concurrently, US 10-year yield also briefly fell below 4.4% mark. This movement in the bond markets reflects an aggressive stance by traders betting on rate cuts by major central banks in the upcoming year. Traders had been speculating about a full percentage point cut in interest rates by both ECB and Fed by the end of 2024. However, as the market regained its composure and yields recovered, Yen's rally also lost some of its initial momentum... |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.0823; (P) 1.0860; (R1) 1.0889; More... Intraday bias in EUR/USD stays neutral at this point, as consolidation continues below 1.0984. In case of deeper retreat, downside should be contained by 1.0755 resistance turned support to bring another rally. On the upside, above 1.0894 will resume the rebound from 1.0447 to 61.8% retracement of 1.1274 to 1.0447 at 1.0958 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | PPI Input Q/Q Q3 | 1.20% | 0.20% | -0.20% | | 21:45 | NZD | PPI Output Q/Q Q3 | 0.80% | 0.40% | 0.20% | | 07:00 | GBP | Retail Sales M/M Oct | -0.30% | 0.30% | -0.90% | -1.10% | | 09:00 | EUR | Eurozone Current Account (EUR) Sep | 31.2B | 20.3B | 27.7B | 30.8B | | 10:00 | EUR | Eurozone CPI Y/Y Oct F | 2.90% | 2.90% | 2.90% | | 10:00 | EUR | Eurozone CPI Core Y/Y Oct F | 4.20% | 4.20% | 4.20% | | 13:30 | CAD | Industrial Product Price M/M Oct | -1.00% | 0.20% | 0.40% | | 13:30 | CAD | Raw Material Price Index Oct | -2.50% | -2.00% | 3.50% | 3.90% | | 13:30 | USD | Building Permits Oct | 1.49M | 1.45M | 1.47M | | 13:30 | USD | Housing Starts Oct | 1.37M | 1.36M | 1.36M |
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