Yen Extending Rebound on Intervention Threat, Dollar Turned Mixed
| Action Insight Mid-Day Report 9-14-22 |
Yen Extending Rebound on Intervention Threat, Dollar Turned Mixed |
Yen is shrugging off rally in US and European benchmark yields today, and rebound on threat of intervention in Japan. European majors are also finding some foots while Dollar turned mixed. Still commodity currencies are under broad based selling pressure. While US futures might point to a flat open, selling could come back later in the session. Overall, for the week, Dollar is so far the strongest, followed by Swiss Franc and Yen, and Kiwi is worst followed by Aussie and then Loonie. Technically, a focus now is on how far Yen's rebound could go. As long as 139.37 resistance turned support in USD/JPY holds, it's too early to call for bearish reversal. The pair is still more likely to resume recent up trend then not. Such development would also provide a floor to the selloff in other Yen crosses. In Europe, at the time of writing, FTSE is down -1.29%. DAX is down -1.1%. CAC is down -0.58%. Germany 10-year yield is up 0.012 at 1.744. Earlier in Asia, Nikkei dropped -2.78%. Hong Kong HSI dropped -2.48%. China Shanghai SSE dropped -0.37%. Singapore Strait Times dropped -0.97%. Japan 10-year JGB yield rose 0.0128 to 0.258. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.1411; (P) 1.1574; (R1) 1.1657; More... GBP/USD recovered well ahead of 1.1404/9 support zone and intraday bias is turned neutral first. On the downside, decisive break of 1.1404/9 will resume larger down trend. Next target is 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063. On the upside, above 1.1737 minor resistance will resume the rebound from 1.1404 to 55 day EMA (now at 1.1917). | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:45 | NZD | Current Account (NZD) Q2 | -5.22B | -4.70B | -6.14B | -6.50B | | 23:50 | JPY | Machinery Orders M/M Jul | 5.30% | -0.60% | 0.90% | | 04:30 | JPY | Industrial Production M/M Jul F | 0.80% | 1.00% | 1.00% | | 06:00 | GBP | CPI M/M Aug | 0.50% | 0.60% | 0.60% | | 06:00 | GBP | CPI Y/Y Aug | 9.90% | 10.20% | 10.10% | | 06:00 | GBP | Core CPI Y/Y Aug | 6.30% | 6.30% | 6.20% | | 06:00 | GBP | RPI M/M Aug | 0.60% | 0.70% | 0.90% | | 06:00 | GBP | RPI Y/Y Aug | 12.30% | 12.40% | 12.30% | | 06:00 | GBP | PPI Input M/M Aug | -1.20% | 1.20% | 0.10% | 0.00% | | 06:00 | GBP | PPI Input Y/Y Aug | 20.50% | 21.00% | 22.60% | | 06:00 | GBP | PPI Output M/M Aug | -0.10% | 1.60% | 1.60% | 1.60% | | 06:00 | GBP | PPI Output Y/Y Aug | 16.10% | 17.80% | 17.10% | | 06:00 | GBP | PPI Core Output M/M Aug | 0.30% | 1.50% | 1.00% | 0.80% | | 06:00 | GBP | PPI Core Output Y/Y Aug | 13.70% | 13.90% | 14.60% | 14.40% | | 09:00 | EUR | Eurozone Industrial Production M/M Jul | -2.30% | -0.80% | 0.70% | 1.10% | | 12:30 | USD | PPI M/M Aug | -0.10% | -0.10% | -0.50% | -0.40% | | 12:30 | USD | PPI Y/Y Aug | 8.70% | 8.90% | 9.80% | | 12:30 | USD | PPI Core M/M Aug | 0.40% | 0.30% | 0.20% | 0.30% | | 12:30 | USD | PPI Core Y/Y Aug | 7.30% | 7.40% | 7.60% | 7.70% | | 12:30 | CAD | Manufacturing Sales M/M Jul | -0.90% | -1.00% | -0.80% | -0.10% | | 14:30 | USD | Crude Oil Inventories | 1.9M | 8.8M |
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