Dollar Remains Firm, But Yen Reversing
| Action Insight Mid-Day Report 8-16-22 |
Dollar Remains Firm, But Yen Reversing |
While Dollar remains generally firm, Yen is reversing much of this week's gain. The moves come as European benchmark yields are trading generally higher. Major European stock indexes are also in slight positive position. Canadian Dollar is rebounding, responding more to rising core inflation reading. European majors and other commodity currencies are mixed for now. Technically, one focus is on whether USD/JPY would break through 135.57 minor resistance to resume the rebound from 130.38. If happens, such move could be accompanied by break of 138.38 minor resistance in EUR/JPY and 163.91 minor resistance in GBP/JPY. Such development might come in tandem with stronger rally in US stocks and benchmark yields. In Europe, at the time of writing, FTSE is up 0.56%. DAX is up 0.15%. CAC is up 0.06%. Germany 10-year yield is up 0.060 at 0.960. Earlier in Asia, Nikkei dropped -0.01%. Hong Kong HSI dropped -1.05%. China Shanghai SSE rose 0.05%. Singapore Strait Times dropped -0.09%. Japan 10-year JGB yield dropped -0.0168 to 0.170. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 132.71; (P) 133.16; (R1) 133.75; More... Intraday bias in USD/JPY remains neutral at this point. Overall, corrective pattern from 139.37 will extend further. On the upside, above 135.57 will resume the rebound to retest 139.37 high. On the downside, below 131.72 will resume the fall from 139.37 through 130.38 support. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 01:30 | AUD | RBA Meeting Minutes | | 04:30 | JPY | Tertiary Industry Index M/M Jun | -0.20% | 0.50% | 0.80% | 1.10% | | 06:00 | GBP | Claimant Count Change Jul | -10.5K | -32.0K | -20.0K | -26.8K | | 06:00 | GBP | ILO Unemployment Rate (3M) Jun | 3.80% | 3.80% | 3.80% | | 06:00 | GBP | Average Earnings Excluding Bonus 3M/Y Jun | 4.70% | 4.40% | 4.30% | | 06:00 | GBP | Average Earnings Including Bonus 3M/Y Jun | 5.10% | 5.20% | 6.20% | | 09:00 | EUR | Eurozone Trade Balance (EUR) Jun | -30.8B | -20.0B | -26.0B | -27.2B | | 09:00 | EUR | Germany ZEW Economic Sentiment Aug | -55.3 | -52.7 | -53.8 | | 09:00 | EUR | Germany ZEW Current Situation Aug | -47.6 | -48 | -45.8 | | 09:00 | EUR | Eurozone ZEW Economic Sentiment Aug | -54.9 | -52 | -51.1 | | 12:15 | CAD | Housing Starts Jul | 275K | 265K | 274K | 272K | | 12:30 | CAD | CPI M/M Jul | 0.10% | 0.10% | 0.70% | | 12:30 | CAD | CPI Y/Y Jul | 7.60% | 7.60% | 8.10% | | 12:30 | CAD | CPI Common Y/Y Jul | 5.50% | 4.70% | 4.60% | | 12:30 | CAD | CPI Median Y/Y Jul | 5.00% | 4.90% | 4.90% | | 12:30 | CAD | CPI Trimmed Y/Y Jul | 5.40% | 5.40% | 5.50% | | 12:30 | USD | Building Permits Jul | 1.67M | 1.65M | 1.70M | | 12:30 | USD | Housing Starts Jul | 1.45M | 1.35M | 1.56M | | 13:15 | USD | Industrial Production M/M Jul | 0.20% | -0.20% | | 13:15 | USD | Capacity Utilization Jul | 80.10% | 80.00% |
|
|
|
