Risk-On Rally Continues, Yen Remains Soft Following BoJ Hold
| Action Insight Daily Report 9-20-24 |
Risk-On Rally Continues, Yen Remains Soft Following BoJ Hold |
Global markets continues to a wave of risk-on sentiment today, with Japan's Nikkei leading the charge in Asia. The index maintained its gains after BoJ decided to keep interest rates unchanged, a move that was widely anticipated. This positive momentum stems from the strong performance of US equities overnight, as DOW and S&P 500 closed at record highs, in somewhat delayed reaction to Fed's jumbo 50bps rate cut earlier in the week. Meanwhile, China's decision to hold its benchmark lending rates steady—though a disappointment for some expecting a cut—has had little effect on the overall bullish sentiment.... |
GBP/JPY Daily Outlook Daily Pivots: (S1) 187.82; (P) 189.11; (R1) 190.77; More... Intraday bias in GBP/JPY remains on the upside for the moment. Rise from 183.70 is seen as the third leg of the corrective pattern from 180.00. Further rally would be seen to 193.45 and possibly further to 61.8% retracement of 208.09 to 180.00 at 197.35. Nevertheless, break of 186.68 minor support will turn bias back to the downside for 183.70 instead. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:01 | GBP | GfK Consumer Confidence Sep | -20 | -13 | -13 | | 23:30 | JPY | CPI Y/Y Aug | 3.00% | 2.80% | | 23:30 | JPY | CPI Core Y/Y Aug | 2.80% | 2.80% | 2.70% | | 23:30 | JPY | CPI Core-Core Y/Y Aug | 2.00% | 1.90% | | 01:00 | CNY | 1-Y Loan Prime Rate | 3.35% | 3.35% | 3.35% | | 01:00 | CNY | 5-Y Loan Prime Rate | 3.85% | 3.85% | 3.85% | | 02:52 | JPY | BoJ Interest Rate Decision | 0.25% | 0.25% | 0.25% | | 06:00 | EUR | GermanyPPI M/M Aug | 0.00% | 0.20% | | 06:00 | EUR | GermanyPPI Y/Y Aug | -1.00% | -0.80% | | 06:00 | GBP | Retail Sales M/M Aug | 0.30% | 0.50% | | 06:00 | GBP | Public Sector Net Borrowing (GBP) Aug | 12.3B | 2.2B | | 12:30 | CAD | Retail Sales M/M Jul | 0.50% | -0.30% | | 12:30 | CAD | Retail Sales ex Autos M/M Jul | 0.20% | 0.30% | | 12:30 | CAD | Industrial Product Price M/M Aug | -0.30% | 0.00% | | 12:30 | CAD | Raw Material Price Index Aug | -2.00% | 0.70% | | 14:00 | EUR | Eurozone Consumer Confidence Sep P | -13 | -13 |
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