Dollar Hold Firm as Yen Weakens Amid Subdued Trading
| Action Insight Mid-Day Report 10-21-24 |
Dollar Hold Firm as Yen Weakens Amid Subdued Trading |
In the largely uneventful Asian and European sessions today, major currencies remained within familiar ranges, as the absence of key economic data releases kept markets subdued. Central bank commentary continued to dominate the narrative, particularly from ECB officials, who maintained their dovish stance. However, this comes as little surprise, with expectations largely baked in that ECB is likely to reduce rates again in December unless a sharp improvement in economic activity or inflation data emerges. On the currency front, Swiss Franc and Dollar are the stronger performers, followed by Euro. Yen, however, turned under pressure as the weakest currency today, with Aussie and Sterling also facing losses. Canadian Dollar and New Zealand Dollar are positioned in the middle. But overall, major pairs and crosses remain range-bound, with today's moves offering little insight into underlying trends..... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 149.19; (P) 149.74; (R1) 150.10; More... USD/JPY recovered mildly ahead of 4H MACD, but stays below 150.31 temporary top. Intraday bias remains neutral first. Further rally is expected as long as 146.47 resistance turned support holds. Above 150.31 will resume the rebound from 139.57 to 61.8% retracement of 161.94 to 139.57 at 153.39. However, break of 146.48 resistance turned support will indicate that rebound from 139.57 has already completed. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 01:00 | CNY | 1-Y Loan Prime Rate | 3.10% | 3.15% | 3.35% | | 01:00 | CNY | 5-Y Loan Prime Rate | 3.60% | 3.65% | 3.85% | | 06:00 | EUR | Germany PPI M/M Sep | -0.50% | -0.20% | 0.20% | | 06:00 | EUR | Germany PPI Y/Y Sep | -1.40% | -0.80% |
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