Yen Mildly Lower in Quiet Trading; RBA, Fed and BoE to Hike This Week
| Action Insight Daily Report 10-31-22 |
Yen Mildly Lower in Quiet Trading; RBA, Fed and BoE to Hike This Week |
Yen trades generally lower in quite Asian session today, but markets are relatively steady elsewhere. Stock markets are mixed with Nikkei closing higher, following the rebound in the US last Friday. But China is weighed down by poor PMI data. Generally speaking, traders are cautious ahead of many key events ahead in the week, including rate decisions of Fed, BoE and RBA, as well as some heavy weight data like non-farm payrolls. GBP/AUD is an interesting one to watch this week. The cross is now back above pre-Truss level while BoE is expected to outpace RBA's tightening for the next few months. As long as 1.7670 support holds, an upside breakout should happen sooner rather than later. Rise from 1.5925 should then be on track to take on 1.9218 medium term resistance, probably later in the quarter. In Asia, Nikkei closed up 1.64%. Hong Kong HSI is up 0.08%. China Shanghai SSE is down -0.72%. Singapore Strait Times is up 1.78%. Japan 10-year JGB yield is up 0.0009 at 0.243. |
GBP/JPY Daily Outlook Daily Pivots: (S1) 169.66; (P) 170.52; (R1) 172.16; More... Intraday bias in GBP/JPY remains on the upside at this point. Current rally should target 100% projection of 148.93 to 165.69 from 159.71 at 176.47 next. On the downside, break of 168.71 minor support will turn intraday bias neutral and bring consolidations, before staging another rally. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Industrial Production M/M Sep P | -1.60% | -1.00% | 3.40% | | 23:50 | JPY | Retail Trade Y/Y Sep | 4.50% | 4.10% | 4.10% | | 00:00 | AUD | TD Securities Inflation M/M Oct | 0.40% | 0.50% | | 00:30 | AUD | Private Sector Credit M/M Sep | 0.70% | 0.80% | 0.80% | | 00:30 | AUD | Retail Sales M/M Sep | 0.60% | 0.60% | 0.60% | | 01:00 | CNY | Manufacturing PMI Oct | 49.2 | 50 | 50.1 | | 01:00 | CNY | Non-Manufacturing PMI Oct | 48.7 | 50.2 | 50.6 | | 05:00 | JPY | Consumer Confidence Oct | 29.9 | 31.5 | 30.8 | | 05:00 | JPY | Housing Starts Y/Y Sep | 1.00% | 2.30% | 4.60% | | 07:00 | EUR | Germany Retail Sales M/M Sep | -0.50% | -1.30% | | 07:30 | CHF | Real Retail Sales Y/Y Sep | 3.30% | 3.00% | | 09:00 | EUR | Italy GDP Q/Q Q3 P | -0.10% | 1.10% | | 09:30 | GBP | M4 Money Supply M/M Sep | 0.10% | -0.20% | | 09:30 | GBP | Mortgage Approvals Sep | 66K | 74K | | 10:00 | EUR | Eurozone GDP Q/Q Q3 P | 0.10% | 0.80% | | 10:00 | EUR | Eurozone CPI Y/Y Oct P | 9.90% | 10.00% | | 10:00 | EUR | Eurozone CPI Core Y/Y Oct P | 4.80% | 4.80% | | 13:45 | USD | Chicago PMI Oct | 47.1 | 45.7 |
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