Commodity Currencies Weaken in Quiet Markets; Focus on AUD/JPY Ahead of Australia and Japan Data
Action Insight Daily Report 1-8-24 |
Commodity Currencies Weaken; Focus on AUD/JPY Ahead of Australia and Japan Data |
In today's relatively subdued markets, the notable development is weakness in commodity currencies, led by Australian Dollar. This decline comes amid a drop in oil prices following Saudi Arabia's decision to cut official selling prices across all regions. Additionally, precious metals have softened in response to rebound in global benchmark treasury yields. The downward trend also extends to industrial metals, which are affected by worsening global economic outlook. On the other hand, Japanese Yen is currently the strongest among major currencies, but its gains are tempered as traders anticipate the release of Tokyo's CPI and and Japan's household spending data tomorrow. Euro is showing resilience despite weaker-than-expected investor confidence and retail sales data, trailing closely behind Yen. Swiss Franc is also performing well, supported by CPI figures that met expectations. Meanwhile, Dollar and British Pound are mixed movements... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 143.63; (P) 144.80; (R1) 145.80; More... Intraday bias in USD/JPY stays neutral at this point. On the upside, above 145.97 will resume the rebound from 140.25. But upside should be limited by 61.8% retracement of 151.89 to 140.25 at 147.44. On the downside, below 143.17 minor support will turn bias back to the downside for retesting 140.25 low. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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07:00 | EUR | Germany Factory Orders M/M Nov | 0.30% | 1.10% | -3.70% | -3.80% | 07:00 | EUR | Germany Trade Balance (EUR) Nov | 20.4B | 17.9B | 17.8B | 17.7B | 07:30 | CHF | Real Retail Sales Y/Y Nov | 0.70% | 0.00% | -0.10% | -0.30% | 07:30 | CHF | CPI M/M Dec | 0.00% | -0.10% | -0.20% | 07:30 | CHF | CPI Y/Y Dec | 1.70% | 1.70% | 1.40% | 09:30 | EUR | Eurozone Sentix Investor Confidence Jan | -15.8 | -15.4 | -16.8 | 10:00 | EUR | Eurozone Economic Sentiment Indicator Dec | 96.4 | 93.8 | 94.0 | 10:00 | EUR | Eurozone Industrial Confidence Dec | -9.2 | -9.5 | 10:00 | EUR | Eurozone Services Sentiment Dec | 8.4 | 4.9 | 5.5 | 10:00 | EUR | Eurozone Consumer Confidence Dec F | -15.0 | -15.1 | -15.1 | 10:00 | EUR | Eurozone Retail Sales M/M Nov | -0.30% | -0.10% | 0.10% | 0.40% |
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