Yen Rises Slightly, Yet Struggles to Gain Strong Momentum
| Action Insight Mid-Day Report 6-3-24 |
Yen Rises Slightly, Yet Struggles to Gain Strong Momentum |
The forex markets are showing relatively limited movement today, remaining mostly within established ranges. Yen is having a slight uptick, supported by the dips in US and European benchmark treasury yields. But the Japanese currency' gains are modest and insufficient to reverse recent declines. Meanwhile, Swiss Franc is charting a notable course as the day's second-strongest performer, showing some progress in its near-term recovery against the Euro and Sterling. Conversely, Euro and Sterling are trailing today, marked as the weaker performers, with Dollar also lagging slightly behind. Commodity currencies are finding themselves in a middling position, with New Zealand Dollar slightly outperforming its peers... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 156.77; (P) 157.07; (R1) 157.58; Moreâ¦. USD/JPY dips mildly today but stays in range of 156.36/157.70. Intraday bias remains neutral for the moment. On the downside, decisive break of 156.36 minor support will confirm short term topping at 157.70, on bearish divergence condition in 4H MACD. Intraday bias will be back on the downside for 153.59 support. Firm break there will target 151.86 and below as the third leg of the corrective pattern from 160.20. However, break of 157.70 will extend the rally from 151.86 towards 160.20. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 23:50 | JPY | Capital Spending Q1 | 6.80% | 12.20% | 16.40% | | 00:30 | JPY | Manufacturing PMI May F | 50.4 | 50.5 | 50.5 | | 01:45 | CNY | Caixin Manufacturing PMI May | 51.7 | 51.5 | 51.4 | | 07:30 | CHF | Manufacturing PMI May | 46.4 | 45.4 | 41.4 | | 07:45 | EUR | Italy Manufacturing PMI May | 46.4 | 48 | 47.3 | | 07:50 | EUR | France Manufacturing PMI May F | 46.4 | 46.7 | 46.7 | | 07:55 | EUR | Germany Manufacturing PMI May F | 45.4 | 45.4 | 45.4 | | 08:00 | EUR | Eurozone Manufacturing PMI May F | 47.3 | 47.4 | 47.4 | | 08:30 | GBP | Manufacturing PMI May F | 51.2 | 51.3 | 51.3 | | 13:30 | CAD | Manufacturing PMI May | 49.4 | | 13:45 | USD | Manufacturing PMI May F | 50.9 | 50.9 | | 14:00 | USD | ISM Manufacturing PMI May | 49.8 | 49.2 | | 14:00 | USD | ISM Manufacturing Prices Paid May | 60 | 60.9 | | 14:00 | USD | ISM Manufacturing Employment Index May | 48.6 | | 14:00 | USD | Construction Spending M/M Apr | 0.20% | -0.20% |
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