Yen's Strong Rally Reflects Broader Shifts in Global Monetary Policy Expectations
| Action Insight Mid-Day Report 11-20-23 |
Yen's Strong Rally Reflects Broader Shifts in Global Monetary Policy Expectations |
Japanese Yen's remarkable rally has become a focal point in the currency markets today. It's strength is extending into US session. This surge is not an isolated event but a reflection of broader shifts in global monetary policy expectations. A crucial factor propelling Yen upwards is the increasing speculation that BoJ would finally abandon its negative interest rates policy in the coming year. This potential policy shift represents a significant reversal from BoJ's longstanding accommodative monetary stance, which has been a defining feature of Japan's economic policy recent years... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 148.91; (P) 149.85; (R1) 150.49; More... USD/JPY's fall from 151.89 extends to as low as 148.00 so far, and there is no sign of bottoming yet. Intraday bias stays on the downside for medium term channel support at 145.80 next. On the upside, break of 149.97 resistance is needed to indicate completion of the decline. Otherwise, risk will stay on the downside in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 07:00 | EUR | Germany PPI M/M Oct | -0.10% | -0.10% | -0.20% | | 07:00 | EUR | Germany PPI Y/Y Oct | -11.00% | -11.00% | -14.70% | | 11:00 | EUR | German Buba Monthly Report |
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