Yen, Swiss Franc and Dollar Turn Softer on Slightly Upbeat Sentiment
Action Insight Mid-Day Report 8-3-22

Yen, Swiss Franc and Dollar Turn Softer on Slightly Upbeat Sentiment

Yen, Swiss Franc and Dollar turn softer with other markets trading in slightly upbeat tone. Traders are back to business as usual, after no substantial actions from China during the time US House Speaker Nancy Pelosi visited Taiwan. Australian Dollar is leading Canadian and Sterling higher. Euro is mixed for now. Focuses will turn to BoE rate decision tomorrow.

Technically, one focus is now on AUD/JPY to gauge the chance of resumption in risk-on trades. Break of 93.30 minor resistance will argue that whole corrective pattern from 96.86 has completed with three waves down to 90.51. Further rally would be seen back to 95.68 resistance first. Break will argue that medium term up trend is ready to resume.

In Europe, at the time of writing, FTSE is up 0.16%. DAX is up 0.22%. CAC is up 0.40%. Germany 10-year yield is up 0.065. Earlier in Asia, Nikkei rose 0.53%. Hong Kong HSI rose 0.40%. China Shanghai SSE dropped -0.71%. Singapore Strait Times rose 0.40%. Japan 10-year JGB yield rose 0.0130 to 0.190.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 131.33; (P) 132.25; (R1) 134.10; More...

Intraday bias in USD/JPY remains neutral and some consolidations would be seen above 130.38 first. On the downside, below 130.38 will resume the fall from 139.37, as a correction to medium term uptrend, towards 126.35 support. Strong support is expected above there, at least on first attempt, to bring rebound. On the upside, firm break of 134.58 will turn bias to the upside for stronger rally to retest 139.37 high.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
22:30 AUD AiG Performance of Construction Index Jul 45.3 46.2
22:45 NZD Employment Change Q2 0.00% 0.40% 0.10%
22:45 NZD Unemployment Rate Q2 3.30% 3.10% 3.20%
22:45 NZD Labour Cost Index Q/Q Q2 1.30% 1.10% 0.70%
01:45 CNY Caixin Services PMI Jul 55.5 54 54.5
06:00 EUR Germany Trade Balance (EUR) Jun 6.4B -1.1B -1.0B
06:30 CHF CPI M/M Jul 0.00% 0.00% 0.50%
06:30 CHF CPI Y/Y Jul 3.40% 3.60% 3.40%
07:45 EUR Italy Services PMI Jul 48.4 50 51.6
07:50 EUR France Services PMI Jul F 53.2 52.1 52.1
07:55 EUR Germany Services PMI Jul F 49.7 49.2 49.2
08:00 EUR Eurozone Services PMI Jul F 51.2 50.6 50.6
08:00 EUR Italy Retail Sales M/M Jun -1.10% 0.20% 1.90% 2.00%
08:30 GBP Services PMI Jul F 52.6 53.3 53.3
09:00 EUR Eurozone PPI M/M Jun 1.10% 1.00% 0.70% 0.50%
09:00 EUR Eurozone PPI Y/Y Jun 35.80% 35.70% 36.30% 36.20%
09:00 EUR Eurozone Retail Sales M/M Jun -1.20% 0.10% 0.20% 0.40%
13:45 USD Services PMI Jul F 47 47
14:00 USD ISM Services PMI Jul 53.5 55.3
14:00 USD Factory Orders M/M Jun 0.80% 1.60%
14:30 USD Crude Oil Inventories -1.4M -4.5M