Yen Dips as Nikkei Charges Toward Record High
| Action Insight Daily Report 2-16-24 |
Yen Dips as Nikkei Charges Toward Record High |
Yen weakens mildly in Asian session today, contrasting with Nikkei's continued up trend towards historical high made in 1990. This development comes amidst diminishing impacts of Japanese officials' verbal interventions aimed at stemming Yen's decline. Without tangible policy measures to back these statements, the currency's depreciation has persisted. Meanwhile, Finance Minister Shunichi Suzuki's tone has softened a little bit, acknowledging the dual effects of its weakening, even though his major concerns are more on the negative side. In the broader currency markets, Dollar remains the standout performer of the week, despite having a retreat in the US session overnight. Traders have shown hesitation in pushing the greenback through near term support levels against major peers, at least for now. Australian Dollar has risen to become the week's second strongest currency, followed by Canadian Dollar. New Zealand Dollar trails at the bottom, with Swiss Franc and Yen also facing behind. Euro and Sterling occupy intermediate positions, with British Pound giving up much ground after a series of mixed economic indicators this week... |
EUR/JPY Daily Outlook Daily Pivots: (S1) 161.14; (P) 161.37; (R1) 161.77; More... EUR/JPY's rally resume after brief consolidations and intraday bias is back on the upside. On the upside, firm break of 161.84 will confirm resumption of whole rise from 153.15. Next target is a retest on 164.29 high. On the downside, however, below 160.90 minor support will turn intraday bias neutral first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:30 | NZD | Business NZ PMI Jan | 47.3 | 43.1 | 43.4 | | 04:30 | JPY | Tertiary Industry Index M/M Dec | 0.70% | 0.20% | -0.70% | -1.40% | | 07:00 | GBP | Retail Sales M/M Jan | 1.50% | -3.20% | | 13:30 | CAD | Wholesale Sales M/M Dec | 0.90% | | 13:30 | USD | Building Permits Jan | 1.52M | 1.49M | | 13:30 | USD | Housing Starts Jan | 1.47M | 1.46M | | 13:30 | USD | PPI M/M Jan | 0.10% | -0.10% | | 13:30 | USD | PPI Y/Y Jan | 0.70% | 1.00% | | 13:30 | USD | PPI Core Y/Y Jan | 1.70% | 1.80% | | 13:30 | USD | PPI Core M/M Jan | 0.10% | 0.00% | | 15:00 | USD | Michigan Consumer Sentiment Index Feb P | 80 | 79 |
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