Yen Softens Again in Quiet Market, US CPI and UK Data in Focus This Week
| Action Insight Daily Report 9-12-22 |
Yen Softens Again in Quiet Market, US CPI and UK Data in Focus This Week |
Markets are generally steady in Asian session today. European majors are firming up slightly but there is no clear follow through buying so far. On the other hand, Yen is losing ground while commodity currencies are also soft. Dollar is mixed in the middle. Focuses are back to economic data this week, with particular attention on inflation data from the US, as well as a wave of data from the UK. Technically, Yen might be ready to resume recent down trend. Break of 144.71 resistance in EUR/JPY will confirm resumption of recent rally. That could lead other Yen crosses higher. Corresponding break of 144.98 temporary top in USD/JPY would confirm the overall underlying momentum. In Asia, at the time of writing, Nikkei is up 1.02%. Japan 10-year JGB yield is down -0.0002 at 0.251. Singapore Strait Times is up 0.33%. China and Hong Kong are on holiday. |
USD/JPY Daily Outlook Daily Pivots: (S1) 141.34; (P) 142.73; (R1) 143.96; More... USD/JPY recovers mildly today but stays in range below 144.98. Intraday bias remains neutral and more consolidations could be seen. Downside of retreat should be contained by 139.37 resistance turned support. On the upside, break of 144.98 will resume larger up trend to 147.68 long term resistance. Break there will target 161.8% projection of 126.35 to 139.37 from 130.38 at 151.44 next. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 06:00 | JPY | Machine Tool Orders Y/Y Aug | 5.50% | | 06:00 | GBP | GDP M/M Jul | 0.30% | -0.60% | | 06:00 | GBP | Industrial Production M/M Jul | 0.40% | -0.90% | | 06:00 | GBP | Industrial Production Y/Y Jul | 2.00% | 2.40% | | 06:00 | GBP | Manufacturing Production M/M Jul | 0.60% | -1.60% | | 06:00 | GBP | Manufacturing Production Y/Y Jul | 1.70% | 1.30% | | 06:00 | GBP | Index of Services 3M/3M Jul | -0.80% | -0.40% | | 06:00 | GBP | Goods Trade Balance (GBP) Jul | -23.2B | -22.8B | | 08:00 | EUR | Italy Industrial Output M/M Jul | 0.00% | -2.10% | | 13:00 | GBP | NIESR GDP Estimate Aug | 0.00% |
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