Dollar Makes New 32-yr High Against Yen, Will Japan Intervene?
| Action Insight Daily Report 10-14-22 |
Dollar Makes New 32-yr High Against Yen, Will Japan Intervene? |
Dollar regains some growth today, and even rises to new 32-year high against Yen. Momentum is somewhat weak, however, as traders are guarding against intervention by Japan. Meanwhile, markets are mixed elsewhere. Sterling dips after UK Finance Minister Kwasi Kwarteng announced his resignation ahead of Prime Minister Liz Truss's press conference later in the day. For now, the Pound is still the strongest for the week, followed by Kiwi and the Dollar. Yen is worst, followed by Aussie and the Swiss Franc. But there is scope for some changes in position in the final hours. Technically, while Dollar retreated quite notably yesterday, the recovery in gold was so far very weak. Current development suggests that rebound from 1614.60 has completed at 1729.28 already. Further decline is now in favor as long as 1683.76 minor resistance holds, to retest 1614.60 low. Firm break there will resume larger decline. In Europe, at the time of writing, FTSE is up 1.04%. DAX is up 1.16%. CAC is up 1.64%. Germany 10-year yield is down -0.108 at 2.173. Earlier in Asia, Nikkei rose 3.25%. Hong Kong HSI rose 1.21%. China Shanghai SSE rose 1.84%. Japan 10-year JGB yield rose 0.0028 to 0.254. |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 146.58; (P) 147.12; (R1) 147.78; More... USD/JPY's rally continues and breaks 147.68 long term resistance. Intraday bias stays on the upside for 149.25 projection level, and possibly to 150 psychological level. On the downside, break of 146.43 minor support will now suggest short term topping, and turn bias back to the downside for deeper pull back. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:30 | NZD | Business NZ PMI Sep | 52 | 54.9 | 54.8 | | 23:50 | JPY | Money Supply M2+CD Y/Y Sep | 3.30% | 3.40% | 3.40% | | 01:30 | CNY | CPI Y/Y Sep | 2.80% | 2.80% | 2.50% | | 01:30 | CNY | PPI Y/Y Sep | 0.90% | 1.10% | 2.30% | | 09:00 | EUR | Eurozone Trade Balance (EUR) Aug | -47.3B | -40.0B | -40.3B | | 12:30 | CAD | Manufacturing Sales M/M Aug | -2.00% | -1.10% | -0.90% | -0.60% | | 12:30 | CAD | Wholesale Sales M/M Aug | 1.40% | 0.10% | -0.60% | | 12:30 | USD | Retail Sales M/M Sep | 0.00% | 0.20% | 0.30% | 0.40% | | 12:30 | USD | Retail Sales ex Autos M/M Sep | 0.10% | -0.10% | -0.30% | -0.10% | | 12:30 | USD | Import Price Index M/M Sep | -1.20% | -1.10% | -1.00% | -1.10% | | 14:00 | USD | Michigan Consumer Sentiment Index Oct P | 58.8 | 58.6 | | 14:00 | USD | Business Inventories Aug | 0.90% | 0.60% |
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