Yen Leads Weekly Gains While France Stages Come Back
| Action Insight Mid-Day Report 9-13-24 |
Yen Leads Weekly Gains While France Stages Come Back |
Yen continues to strengthen broadly today, maintaining its position as the best-performing currency of the week so far. Renewed speculation around a possible 50bps rate cut by the Fed has provided an extra lift to the Japanese currency. Additionally, renewed weakness in US and European benchmark yields further supports the Yen's rally. BoJ is widely expected to keep interest rates unchanged at its upcoming meeting, though the long-term path suggests rates could eventually target a neutral level of 1%. However, the BoJ's slow pace of tightening means that Yen's movement is likely to remain driven by the pace of policy easing in other major economies. Swiss Franc is also showing strength today, although it remains the weakest currency for the week. The recent rebounds in EUR/CHF and GBP/CHF seem to be losing momentum, signaling potential completion of these recoveries. However, a stronger risk-off sentiment would be needed for Franc to resume its recent rally.... |
USD/JPY Mid-Day Outlook Daily Pivots: (S1) 141.35; (P) 142.20; (R1) 142.66; More... USD/JPY's decline resumed by breaking through 140.70 and intraday bias is back on the downside. Further fall should be seen to 139.26 fibonacci level. Decisive break there would carry larger bearish implications. On the upside, above 143.03 minor resistance will turn intraday bias neutral again first. But outlook will stay bearish as long as 147.20 resistance holds. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:30 | NZD | Business NZ PMI Aug | 45.8 | 44 | | 04:30 | JPY | Industrial Production M/M Jul F | 3.10% | 2.80% | 2.80% | | 09:00 | EUR | Eurozone Industrial Production M/M Jul | -0.30% | 0.20% | -0.10% | 0.00% | | 12:30 | CAD | Capacity Utilization Q2 | 79.10% | 78.40% | 78.50% | 78.60% | | 12:30 | CAD | Wholesale Sales M/M Jul | 0.40% | -1.10% | -0.60% | -0.50% | | 12:30 | USD | Import Price Index M/M Aug | -0.30% | -0.20% | 0.10% | | 14:00 | USD | Michigan Consumer Sentiment Index Sep P | 68 | 67.9 |
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