Yen Dips as Nikkei Charges Toward Record High
| Action Insight Daily Report 2-16-24 |
Dollar Finds Footing on Strong PPI Data |
Dollar stages a notable recovery in the early US session, buoyed by stronger than expected January PPI figures. The highlight was PPI excluding foods, energy, and trade services, which saw its largest monthly increase in a year, hinting at persistent underlying inflationary pressures upstream. Despite the current rebound rebound, Dollar has yet to surpass the highs against major currencies seen earlier this week. Nevertheless, the current development at least indicates that the selloff triggered by the previous day's retail sales data should have run its course. Also, Dollar's resurgence should be able to cement its position as the top performer for the week. Canadian and Australian Dollars are trailing behind in strength. Meanwhile, Swiss Franc, Japanese Yen, and New Zealand Dollar languish at the lower end of the performance spectrum, with the Euro and Sterling showing mixed results. The Pound, despite an initial surge from unexpectedly robust retail sales figures earlier today, saw its momentum wane swiftly. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 149.47; (P) 150.02; (R1) 150.50; More... USD/JPY recovers in early US sessions but stays in range below 150.87. Intraday bias remains neutral and more consolidation would be seen. But in case of another retreat, downside should be contained by 148.79 resistance turned support to bring another rally. Above 150.87 will resume the rise from 140.25 to 151.89/93 key resistance zone. Decisive break there will confirm larger up trend resumption of 155.50 projection level next. However, firm break of 148.79 will turn bias to the downside for 145.88 support. | |
| 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 | 3.40% | 1.50% | -3.20% | -3.30% | | 13:30 | CAD | Wholesale Sales M/M Dec | 0.30% | 0.70% | 0.90% | | 13:30 | USD | Building Permits Jan | 1.47M | 1.52M | 1.49M | | 13:30 | USD | Housing Starts Jan | 1.33M | 1.47M | 1.46M | | 13:30 | USD | PPI M/M Jan | 0.30% | 0.10% | -0.10% | | 13:30 | USD | PPI Y/Y Jan | 0.90% | 0.70% | 1.00% | | 13:30 | USD | PPI Core M/M Jan | 0.50% | 0.10% | 0.00% | -0.10% | | 13:30 | USD | PPI Core Y/Y Jan | 2.00% | 1.70% | 1.80% | | 15:00 | USD | Michigan Consumer Sentiment Index Feb P | 80 | 79 |
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