Dollar Standing Above 150 Against Yen, 10-Yr Yield Above 4.2
| Action Insight Daily Report 10-21-22 |
Dollar Standing Above 150 Against Yen, 10-Yr Yield Above 4.2 |
Yen remains the biggest loser for the week even though Japan has stepped up with the rhetorics against "speculations". Dollar is standing above 150 level against Yen for now, without clear sign of actual intervention. The pair is supported by 10-year yield which broke above 5.2 handle. Nevertheless, thanks to stabilization in overall market sentiment, the greenback is also among the weakest together with Swiss Franc. Commodity currencies are the winner for now. Sterling is a touch weaker against Euro, having little reaction to the continuous political chaos in the UK, while both are mixed. Technically, it should be emphasized that the recoveries in Aussie, Kiwi and Loonie are so far weak, and don't warrant trend reversal. The key near term levels included 0.6362 resistance in AUD/USD, 0.5812 resistance in NZD/USD, and 1.3501 support in USD/CAD. As long as these level holds, selloffs in the three will more likely resume than not. In Asia, at the time of writing, Nikkei is down -0.30%. Hong Kong HSI is down -0.17%. China Shanghai SSE is up 0.50%. Singapore Strait Times is down -1.07%. Japan 10-year JGB yield is up 0.0004 at 0.254. Overnight, DOW dropped -0.30%. S&P 500 dropped -0.80%. NASDAQ dropped -0.61%. 10-year yield rose 0.099 to 4.226. |
USD/JPY Daily Outlook Daily Pivots: (S1) 149.71; (P) 150.00; (R1) 150.44; More... USD/JPY's rally continues today and stays above 150 handle, without clear sign of intervention by Japan. Intraday bias stays on the upside. Current up trend would target 100% projection of 130.38 to 140.33 from 145.89 at 155.84 next. On the downside, break of 149.54 minor support will turn intraday bias neutral and bring consolidations But near term outlook will remain bullish as long as 145.89 resistance turned support holds. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | Trade Balance (NZD) Sep | -1615M | -1413M | -2447M | -2625M | | 23:01 | GBP | GfK Consumer Confidence Oct | -47 | -52 | -49 | | 23:30 | JPY | National CPI Core Y/Y Sep | 3.00% | 3.00% | 2.80% | | 06:00 | GBP | Retail Sales M/M Sep | -0.50% | -1.60% | | 06:00 | GBP | Retail Sales Y/Y Sep | -5.00% | -5.40% | | 06:00 | GBP | Retail Sales ex-Fuel M/M Sep | -0.30% | -1.60% | | 06:00 | GBP | Retail Sales ex-Fuel Y/Y Sep | -5% | | 06:00 | GBP | Public Sector Net Borrowing (GBP) Sep | 12.3B | 11.1B | | 12:30 | CAD | New Housing Price Index M/M Sep | 0.20% | 0.10% | | 12:30 | CAD | Retail Sales M/M Aug | 0.20% | -2.50% | | 12:30 | CAD | Retail Sales ex Autos M/M Aug | % | -3.10% | | 14:00 | EUR | Eurozone Consumer Confidence Oct P | -30.3 | -28.8 |
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