Yen Rises, Commodity Currencies Soften after China Data Miss
| Action Insight Daily Report 8-15-22 |
Yen Rises, Commodity Currencies Soften after China Data Miss |
Commodity currencies soften mildly in Asian session today, following weaker than expected economic data from China. On the other hand, Yen is leading Dollar and Swiss Franc higher. Euro and Sterling are mixed for now. Overall sentiment is mixed, with notable gains in Nikkei but other Asian indexes are sluggish. Gold is still struggling to break away from 1800 handle. WTI crude oil is dipping below 92 handle. Technically, one focus today is one whether buying in Yen would pick up momentum again. One level to watch is AUD/JPY's reaction to 93.46 minor support in case of deeper retreat. More too look at include 135.63 minor support in EUR/JPY and 161.08 minor support in GBP/JPY. Break of these levels would argue that Yen bulls are back on board. In Asia, at the time of writing, Nikkei is up 1.14%. Hong Kong HSI is down -0.08%. China Shanghai SSE is up 0.15%. Singapore Strait Times is down -0.22%. Japan 10-year JGB yield is down -0.0021 at 0.187. |
EUR/JPY Daily Outlook Daily Pivots: (S1) 136.60; (P) 137.00; (R1) 137.70; More.... Intraday bias in EUR/JPY remains neutral for the moment. On the upside, break of 138.38, and sustained trading above 55 day EMA (now at 138.29) will suggest that whole correction from 144.26 has completed. Further rally would then be seen back to retest 144.26 high. However, break of 135.63 will turn bias back to the downside for 133.38 low instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:01 | GBP | Rightmove House Price Index M/M Aug | -1.30% | 0.40% | | 23:50 | JPY | GDP Q/Q Q2 P | 0.50% | 0.60% | -0.10% | | 23:50 | JPY | GDP Deflator Y/Y Q2 P | -0.40% | -0.80% | -0.50% | | 02:00 | CNY | Retail Sales Y/Y Jul | 2.70% | 5.00% | 3.10% | | 02:00 | CNY | Fixed Asset Investment YTD Y/Y Jul | 5.70% | 6.20% | 6.10% | | 02:00 | CNY | Industrial Production Y/Y Jul | 3.80% | 4.60% | 3.90% | | 04:30 | JPY | Industrial Production M/M Jun F | 9.20% | -7.50% | -7.50% | | 06:30 | CHF | Producer and Import Prices M/M Jul | 0.40% | 0.30% | | 06:30 | CHF | Producer and Import Prices Y/Y Jul | 6.70% | 6.90% | | 12:30 | CAD | Manufacturing Sales M/M Jun | -2.00% | | 12:30 | CAD | Wholesale Sales M/M Jun | 1.60% | | 12:30 | USD | Empire State Manufacturing Index Aug | 5.1 | 11.1 | | 14:00 | USD | NAHB Housing Market Index Aug | 55 | 55 |
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