Yen Strength Extends Amid Quiet Forex Markets; AUD/JPY Tests Key Levels
| Action Insight Daily Report 11-28-24 |
Yen Strength Extends Amid Quiet Forex Markets; AUD/JPY Tests Key Levels |
The forex market has turned subdued as the US Thanksgiving holiday curbs activity, but overall trends have held steady. Yen continues to outperform, supported by the ongoing decline in US and European benchmark yields, maintaining its position as the strongest currency this week so far . Euro is the second strongest, showing signs of gaining ground against commodity currencies like the Australian and Canadian Dollars, though it still lacks the momentum needed to decisively advance against Dollar and other European majors. On the weaker side, Loonie and Aussie remain under pressure, weighed down by US tariff threats targeting Canada and China. Aussie is also being pushed lower by its underperformance against Kiwi, which is benefiting from expectations of a slower rate-cutting cycle in 2025. These expectations were reinforced today by comments from a senior RBNZ official. Dollar is also softer but has yet to confirm a bearish reversal, even against the surging Yen.... |
GBP/JPY Daily Outlook Daily Pivots: (S1) 190.66; (P) 191.64; (R1) 192.60; More... Intraday bias in GBP/JPY remains on the downside as fall from 199.79 is in progress. As noted before, corrective rise from 180.00 could have completed with three waves up to 199.79. Deeper decline would be seen to 183.70 support next. On the upside, above 193.71 minor resistance will turn intraday bias neutral again first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 00:00 | NZD | ANZ Business Confidence Nov | 64.9 | 65.7 | | 00:30 | AUD | Private Capital Expenditure Q3 | 1.10% | 1.10% | -2.20% | | 09:00 | EUR | Eurozone M3 Money Supply Y/Y Oct | 3.30% | 3.20% | | 10:00 | EUR | Eurozone Economic Sentiment Indicator Nov | 95.1 | 95.6 | | 10:00 | EUR | Eurozone Industrial Confidence Nov | -13 | -13 | | 10:00 | EUR | Eurozone Services Sentiment Nov | 6.2 | 7.1 | | 10:00 | EUR | Eurozone Consumer Confidence Nov F | -13.7 | -12.4 | | 13:00 | EUR | Germany CPI M/M Nov P | -0.20% | 0.40% | | 13:00 | EUR | Germany CPI Y/Y Nov P | 2.20% | 2.00% | | 13:30 | CAD | Current Account (CAD) Q3 | -8.6B | -8.5B |
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