USD/JPY Holding Firm Despite Japan Intervention
| Action Insight Mid-Day Report 10-18-22 |
USD/JPY Holding Firm Despite Japan Intervention |
Commodity currencies are generally Japan appeared to have intervene in the currency markets again today. But USD/JPY is holding its head up, staying resilient around 32-year high. Both Dollar and Yen are among the worst as the financial markets are basically trading with solid risk-on sentiment. New Zealand and Australian Dollar ride on such sentiment and are the strongest ones so far. European majors are mixed, with Sterling on a slightly softer side. Technically, USD/JPY's dip today isn't half as fierce as it was back in late September when Japan intervened. But in any case, there is no signal of reversal as long as 146.43 support holds. USD/JPY might struggle again on another attempt towards 150. Hence, favor is now on having other Yen crosses, in particular EUR/JPY and GBP/JPY, to rise higher. In Europe, at the time of writing, FTSE is up 1.39%. DAX is up 2.04%. CAC is up 1.50%. Germany 10-year yield is up 0.001 at 2.272. Earlier in Asia, Nikkei rose 1.42%. Hong Kong HSI rose 1.82%. China Shanghai SSE dropped -0.13%. Singapore Strait Times rose 0.34%. Japan 10-year JGB yield rose 0.0067 to 0.259. |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9915; (P) 0.9986; (R1) 1.0027; More... USD/CHF is still holding above 0.9914 minor support and intraday bias remains neutral. On the upside, break of 1.0072, and sustained trading above 1.0063, will confirm larger up trend resumption. Next target is 1.0283 projection level. However, break of 0.9914 support will indicate rejection by 1.0063, and turn bias back to the downside for 0.9779 support first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:45 | NZD | CPI Q/Q Q3 | 2.20% | 1.60% | 1.70% | | 21:45 | NZD | CPI Y/Y Q3 | 7.20% | 6.60% | 7.30% | | 00:30 | AUD | RBA Meeting Minutes | | 09:00 | EUR | Germany ZEW Economic Sentiment Oct | -59.2 | -66 | -61.9 | | 09:00 | EUR | Germany ZEW Current Situation Oct | -72.2 | -69 | -60.5 | | 09:00 | EUR | Eurozone ZEW Economic Sentiment Oct | -59.7 | -60.6 | -60.7 | | 12:15 | CAD | Housing Starts Y/Y Sep | 262K | 267K | | 13:15 | USD | Industrial Production M/M Sep | -0.10% | -0.20% | | 13:15 | USD | Capacity Utilization Sep | 80.00% | 80.00% | | 14:00 | USD | NAHB Housing Market Index Oct | 43 | 46 |
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