The uptrend in USDJPY remains intact and the pair continues to climb. Recent gains resulted in the break of 145.07, Jun 30 high. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode condition, highlighting current positive sentiment. The focus is on 147.49 next, a Fibonacci projection. Initial firm support to watch is 143.35, the 20-day EMA.
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Germany, Greece, Spain and France all look to issue this week. We pencil in gross nominal issuance of E29.0bln, down a little from E31.1bln last week.
The ESM, Portugal and the EU are all due to sell bills this week while Germany, the Netherlands and France all came to the market yesterday. We expect issuance to be E15.3bln in the week, down from E23.8bln last week.
Date | UK | Period | Event |
19-Jul | 0700 | Jun | Consumer inflation report / Producer prices |
19-Jul | 0930 | May | ONS House Price Index |
19-Jul | 1700 | --- | BoE Ramsden speech on QT - Money Macro & Fin. Society |
21-Jul | 0001 | Jul | Gfk Monthly Consumer Confidence |
21-Jul | 0700 | Jun | Public Sector Finances / Retail sales |
24-Jul | 0930 | Jul | S&P Global Manuf./Services/Composite PMI flash |
25-Jul | 1100 | Jul | CBI Industrial Trends |
27-Jul | 1100 | Jul | CBI Distributive Trades |
31-Jul | 0930 | Jun | BOE M4 / BOE Lending to Individuals |
01-Aug | 0001 | Jul | BRC Monthly Shop Price Index |
03-Aug | --- | Jul | BOE DMP Survey |
03-Aug | 1200 | Aug | Bank Of England Interest Rate |
04-Aug | 0930 | Jul | IHS Markit/CIPS Construction PMI |
08-Aug | 0001 | Jul | BRC-KPMG Shop Sales Monitor |
11-Aug | 0700 | Jun | GDP / Services / Production / Trade / Construction |