Subdued Trading Continues, Yen Down on Dovish New BoJ Governor
| Action Insight Mid-Day Report 4-10-23 |
Subdued Trading Continues, Yen Down on Dovish New BoJ Governor |
Today's trading remains relatively subdued, as many markets are still closed for holidays. Canadian and US Dollars are showing mild strength, while Yen struggles as the weakest currency, followed by New Zealand Dollar and Euro. Sterling, Australian Dollar, and Swiss Franc exhibit mixed performance. Most pairs and crosses stay within Friday's range, except for Yen pairs, which have been influenced by new BoJ Governor Kazuo Ueda's dovish comments. The week ahead is packed with events, including the BoC's rate decision, which may not prompt significant volatility. Meanwhile, Dollar anticipates key data releases such as CPI, PPI, retail sales, and the University of Michigan Consumer Sentiment, along with FOMC minutes. In other regions, UK GDP and Australian employment data releases are expected to carry more weight than others. |
GBP/JPY Daily Outlook Daily Pivots: (S1) 163.63; (P) 164.00; (R1) 164.43; More... GBP/JPY recovers higher today but stays below 166.38 resistance. Intraday bias remains neutral at this point. On the upside, break of 166.38, and sustained trading above 165.99 resistance will resume the whole rebound from 155.33 to 169.26 resistance next. On the downside, however, break of 162.75 minor support will mix up the outlook and turn intraday bias to the downside for 158.24 support instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Current Account (JPY) Feb | 1.09T | 1.42T | 0.22T | 0.20T | | 05:00 | JPY | Consumer Confidence Index Mar | 33.9 | 31.6 | 31.1 | | 06:00 | JPY | Eco Watchers Survey: Current Mar | 53.3 | 50.4 | 52 | | 14:00 | USD | Wholesale Inventories Feb F | 0.20% | 0.20% |
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