Dollar Stabilizes, Yen Retreats, Euro Loses Momentum
| Action Insight Daily Report 11-22-23 |
Dollar Stabilizes, Yen Retreats, Euro Loses Momentum |
As Thanksgiving long weekend approaches, a noticeable tranquility has enveloped the financial markets. The aftermath of FOMC minutes, which revealed a slightly toned-down hawkish stance, has resulted in rather subdued market reactions. Major stock indices have slightly retreated from their recent advances, reflecting a cautious sentiment among investors. Correspondingly, 10-year Treasury yield also concluded yesterday's session almost unchanged. At the same time, Dollar is showing signs of steadying after a period of selloffs. This stabilization suggests the possibility Dollar entering a phase of near-term recovery, although the extent and sustainability of this trend remain to be seen. |
USD/JPY Daily Outlook Daily Pivots: (S1) 147.51; (P) 148.05; (R1) 148.94; More... Intraday bias in USD/JPY is turned neutral first with current recovery. Some consolidations would be seen above 147.14 temporary low first. But risk will stay on the downside as long as 55 4H EMA (now at 149.73) holds. Below 147.14 will target medium term channel support at 146.00 next. Nevertheless, sustained break of 55 4H EMA will revive near term bullishness, and target a retest on 151.89/93 resistance zone. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:00 | AUD | Westpac Leading Index M/M Oct | 0.00% | 0.10% | | 13:30 | USD | Initial Jobless Claims (Nov 17) | 225K | 231K | | 13:30 | USD | Durable Goods Orders Oct | -3.20% | 4.60% | | 13:30 | USD | Durable Goods Orders ex-Transport Oct | 0.20% | 0.40% | | 15:00 | USD | Michigan Consumer Sentiment Index Nov F | 61.1 | 60.4 | | 15:00 | EUR | Eurozone Consumer Confidence Nov P | -18 | -18 | | 15:30 | USD | Crude Oil Inventories | 0.9M | 3.6M | | 17:00 | USD | Natural Gas Storage | 1B | 60B |
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