Yen Retreats Further as Dollar Sees Caution Among Traders
| Action Insight Mid-Day Report 3-15-24 |
Yen Retreats Further as Dollar Sees Caution Among Traders |
Yen's pull back continues today despite more positive news on wages negotiations in Japan. Remarkably, the currency has undone its gains from last week against all major counterparts, barring the even more beleaguered New Zealand Dollar. Expectations are still leaning towards an imminent interest rate hike by BoJ; however, speculation is rife that the central bank may postpone this move to April to coincide with the release of new economic projections. Dollar remains the strongest currency for the week, although it has started to lose some momentum. Traders seem to be adopting a more cautious stance in anticipation of next week's FOMC meeting and the forthcoming economic projections. The financial markets are bracing for a significant week ahead, with several other major central banks, including BoJ, RBA, SNB, and BoE, all scheduled to announce their monetary policy decisions. In light of these upcoming events, it is unsurprising that traders are hesitant to place substantial bets during the last trading session of the week.... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2715; (P) 1.2769; (R1) 1.2807; More... Intraday bias in GBP/USD remains mildly on the downside at this point. Fall from 1.2892 short term top would target 55 D EMA (now at 1.2673). Sustained break there will target 1.2517 structural support next. For now, risk will stay mildly on the downside as long as 1.2822 minor resistance holds, in case of recovery. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 21:30 | NZD | Business NZ PMI Feb | 49.3 | 47.3 | 47.5 | | 04:30 | JPY | Tertiary Industry Index M/M Jan | 0.30% | 0.10% | 0.70% | | 09:30 | GBP | Consumer Inflation Expectations | 3.00% | 3.30% | | 10:00 | EUR | Italy Retail Sales M/M Jan | -0.10% | 0.20% | -0.10% | -0.20% | | 12:15 | CAD | Housing Starts Y/Y Feb | 253K | 227K | 224K | 223K | | 12:30 | CAD | Wholesale Sales M/M Jan | 0.10% | -0.60% | 0.30% | | 12:30 | USD | NY Empire State Manufacturing Index Mar | -20.9 | -6.5 | -2.4 | | 12:30 | USD | Import Price Index M/M Feb | 0.30% | 0.20% | 0.80% | | 13:15 | USD | Industrial Production M/M Feb | 0.00% | -0.10% | | 14:00 | USD | Michigan Consumer Sentiment Index Mar P | 77.3 | 76.9 |
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