Yen Rebounds on Upgraded Growth Forecasts, Global Risk-On Sentiment Eases
| Action Insight Daily Report 12-21-23 |
Yen Rebounds on Upgraded Growth Forecasts, Global Risk-On Sentiment Eases |
Yen rebounds broadly in today's Asian trading session, buoyed by optimistic revisions in Japan's economic growth forecasts. The government, in its semi-annual economic report, upgraded its growth projections for both the current and next fiscal years. Forecast for fiscal 2023 was raised from 1.3% to 1.6%, while projection for fiscal 2024 saw an increase from 1.2% to 1.3%. Furthermore, core inflation in Japan is anticipated to slow down from current fiscal year's rate of 3.0% to 2.5% in the next fiscal year. That is, core inflation is projected to stay above BoJ's 2% target... |
GBP/JPY Daily Outlook Daily Pivots: (S1) 180.70; (P) 182.02; (R1) 182.76; More... GBP/JPY's fall from 184.15 extends lower today but overall it's staying in range above 178.32. Intraday bias remains neutral and further decline is expected. On the downside, break of will resume the decline from 188.63 and target 38.2% retracement of 148.93 to 188.63 at 173.46. However, decisive break of 184.30 will argue that pull back from 188.63 has completed and bring retest of this high. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 07:00 | GBP | Public Sector Net Borrowing (GBP) Nov | 13.2B | 14.0B | | 13:30 | CAD | Retail Sales M/M Oct | 0.80% | 0.60% | | 13:30 | CAD | Retail Sales ex Autos M/M Oct | 0.50% | 0.20% | | 13:30 | USD | Initial Jobless Claims (Dec 15) | 220K | 202K | | 13:30 | USD | GDP Annualized Q3 | 5.20% | 5.20% | | 13:30 | USD | GDP Price Index Q3 | 3.60% | 3.60% | | 13:30 | USD | Philadelphia Fed Manufacturing Survey Dec | -3 | -5.9 | | 15:30 | USD | Natural Gas Storage | -82B | -55B |
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