Action Insight Daily Report 4-16-18
| Action Insight Daily Report 4-16-18 | | Yen Making a Come Back in an Important Week for BoE and BoC | Yen is making a come back in Asian session today. The reaction to the Syria strike was muted. But risk aversion comes back with selloff in Chinese and Hong Kong stocks. Nikkei is maintaining slight gain of 0.25% at the time of writing. But China SSE and Hong Kong HSI are down -1.5% and -1.7% respectively. It's too early to conclude that the Japanese yen is reversing recent near term decline. But development in major Yen crosses is worth some attention. In particular, 106.64 in USD/JPY is key near term support level to watch. Elsewhere in the currency markets, commodity currencies including AUD, NZD and CAD are turning a bit softer. But there could be surprises ahead with important events scheduled. Those events include BoC rate decision, Canada CPI and retail sales, Australia employment and RBA minutes, New Zealand CPI and China GDP. |  | USD/JPY Daily Outlook Daily Pivots: (S1) 107.10; (P) 107.43; (R1) 107.67; More... Intraday bias in USD/JPY is turned neutral again with today's retreat. Further rise could be seen as long as 106.64 minor support intact. But 38.2% retracement of 114.73 to 104.62 at 108.48 9 which is close to 108.12, remains crucial in determining the medium outlook. Break of 106.64, however, will indicate the rebound from 104.62 has completed. And in that case, bias will be turned back to the downside for retesting 104.62. |  | | GMT | Ccy | Events | Actual | Forecast | Previous | Revised | | 23:01 | GBP | Rightmove House Prices M/M Apr | 0.40% | | 1.50% | | | 6:00 | EUR | German WPI M/M Mar | | 0.40% | -0.30% | | | 7:15 | CHF | Producer & Import Prices M/M Mar | | 0.40% | 0.30% | | | 7:15 | CHF | Producer & Import Prices Y/Y Mar | | 2.60% | 2.30% | | | 12:30 | USD | Empire State Manufacturing Index Apr | | 18.6 | 22.5 | | | 12:30 | USD | Retail Sales Advance M/M Mar | | 0.40% | -0.10% | | | 12:30 | USD | Retail Sales Ex Auto M/M Mar | | 0.20% | 0.20% | | | 14:00 | USD | Business Inventories Feb | | 0.60% | 0.60% | | | 14:00 | USD | NAHB Housing Market Index Apr | | 70 | 70 | | | 20:00 | USD | Net Long-term TIC Flows Feb | | | 62.1B | | | | |
